Needham & Company LLC Begins Coverage on Absci (NASDAQ:ABSI)

Needham & Company LLC started coverage on shares of Absci (NASDAQ:ABSI) in a research note released on Wednesday, MarketBeat reports. The firm issued a buy rating and a $9.00 price target on the stock.

ABSI has been the topic of a number of other research reports. Guggenheim reissued a “buy” rating and set a $10.00 price objective on shares of Absci in a report on Tuesday, December 3rd. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Friday, January 17th. Finally, KeyCorp cut their price objective on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $8.57.

Absci Stock Up 25.2 %

Shares of Absci stock opened at $4.03 on Wednesday. Absci has a 52-week low of $2.45 and a 52-week high of $6.72. The company has a 50 day moving average of $3.05 and a 200 day moving average of $3.68. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $462.89 million, a P/E ratio of -4.33 and a beta of 2.04.

Absci (NASDAQ:ABSI) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The company had revenue of $1.70 million for the quarter, compared to analyst estimates of $1.77 million. During the same period in the previous year, the business posted ($0.24) EPS. As a group, research analysts forecast that Absci will post -0.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

Several institutional investors and hedge funds have recently made changes to their positions in the business. PCA Investment Advisory Services Inc. acquired a new position in Absci in the 4th quarter valued at about $26,000. Alpha Cubed Investments LLC acquired a new position in Absci in the 4th quarter valued at about $26,000. Ballentine Partners LLC acquired a new position in Absci in the 4th quarter valued at about $27,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Absci in the 3rd quarter valued at about $53,000. Finally, Farther Finance Advisors LLC raised its stake in Absci by 119.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after purchasing an additional 10,275 shares during the last quarter. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.