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

Equities research analysts at Needham & Company LLC assumed coverage on shares of Absci (NASDAQ:ABSI) in a research note issued on Wednesday, Stock Target Advisor reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 179.50% from the company’s previous close.

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

Absci Stock Up 11.0 %

Shares of NASDAQ:ABSI opened at $3.22 on Wednesday. Absci has a 1 year low of $2.45 and a 1 year high of $6.72. The business has a 50 day simple moving average of $3.03 and a two-hundred day simple moving average of $3.68. The firm has a market capitalization of $369.85 million, a PE ratio of -3.46 and a beta of 2.04. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63.

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

Institutional Investors Weigh In On Absci

Institutional investors and hedge funds have recently modified their holdings of the company. ARK Investment Management LLC raised its stake in shares of Absci by 15.1% during the third quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock valued at $24,210,000 after acquiring an additional 833,734 shares during the last quarter. Marshall Wace LLP boosted its stake in Absci by 23.3% in the second quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock valued at $5,648,000 after acquiring an additional 347,079 shares during the last quarter. Fred Alger Management LLC lifted its stake in shares of Absci by 4.3% during the 3rd quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock valued at $28,904,000 after buying an additional 309,843 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Absci during the 3rd quarter worth approximately $724,000. Finally, Bank of Montreal Can bought a new position in shares of Absci during the 2nd quarter valued at $527,000. 52.05% of the stock is owned by 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.