Absci’s (ABSI) Buy Rating Reiterated at Needham & Company LLC

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $9.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 192.21% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Guggenheim restated a “buy” rating and set a $10.00 price target on shares of Absci in a research note on Tuesday, December 3rd. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Absci in a research note on Friday, January 17th. Finally, KeyCorp cut their price target on shares of Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $8.57.

Absci Stock Down 4.0 %

NASDAQ ABSI opened at $3.08 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The firm has a 50-day simple moving average of $3.87 and a 200 day simple moving average of $3.68. Absci has a twelve month low of $2.45 and a twelve month high of $6.72. The stock has a market cap of $353.76 million, a PE ratio of -3.31 and a beta of 2.09.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, March 18th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The company had revenue of $0.67 million during the quarter, compared to the consensus estimate of $1.77 million. On average, research analysts forecast that Absci will post -0.89 EPS for the current year.

Institutional Trading of Absci

Hedge funds and other institutional investors have recently modified their holdings of the stock. PCA Investment Advisory Services Inc. acquired a new stake in shares of Absci in the fourth quarter valued at approximately $26,000. Alpha Cubed Investments LLC acquired a new stake in Absci during the 4th quarter worth $26,000. Ballentine Partners LLC acquired a new stake in Absci during the 4th quarter worth $27,000. BNP Paribas Financial Markets acquired a new stake in Absci during the 4th quarter worth $28,000. Finally, Verdence Capital Advisors LLC acquired a new stake in Absci during the 4th quarter worth $37,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

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.