Needham & Company LLC Lowers Absci (NASDAQ:ABSI) Price Target to $7.00

Absci (NASDAQ:ABSI) had its price objective reduced by analysts at Needham & Company LLC from $8.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 148.23% from the company’s current price.

ABSI has been the topic of several other reports. JPMorgan Chase & Co. started coverage on shares of Absci in a report on Thursday, October 2nd. They set an “overweight” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research report on Wednesday, October 8th. Wall Street Zen cut Absci from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Finally, Morgan Stanley cut their target price on Absci from $6.40 to $5.89 and set an “overweight” rating for the company in a research report on Monday, August 18th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Absci presently has a consensus rating of “Moderate Buy” and an average target price of $7.78.

Absci Stock Performance

ABSI opened at $2.82 on Thursday. The stock has a fifty day moving average of $3.50 and a 200-day moving average of $3.04. The company has a market capitalization of $424.04 million, a P/E ratio of -3.13 and a beta of 2.11. Absci has a fifty-two week low of $2.01 and a fifty-two week high of $6.33.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Absci had a negative net margin of 4,071.19% and a negative return on equity of 60.19%. The business had revenue of $0.38 million during the quarter, compared to analyst estimates of $1.58 million. On average, equities research analysts predict that Absci will post -0.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Absci news, CAO Todd Bedrick purchased 10,000 shares of the firm’s stock in a transaction dated Monday, September 22nd. The shares were bought at an average price of $2.70 per share, for a total transaction of $27,000.00. Following the purchase, the chief accounting officer owned 180,428 shares in the company, valued at approximately $487,155.60. This trade represents a 5.87% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Menelas N. Pangalos purchased 95,785 shares of the stock in a transaction dated Monday, September 22nd. The shares were acquired at an average cost of $2.66 per share, with a total value of $254,788.10. Following the acquisition, the director directly owned 113,960 shares in the company, valued at $303,133.60. This represents a 527.02% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 10.49% of the company’s stock.

Institutional Trading of Absci

A number of hedge funds have recently made changes to their positions in ABSI. ARK Investment Management LLC increased its position in Absci by 32.5% in the 1st quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock valued at $27,497,000 after acquiring an additional 2,689,153 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in shares of Absci during the first quarter worth $5,792,000. Vanguard Group Inc. grew its stake in shares of Absci by 12.9% in the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock worth $22,137,000 after purchasing an additional 830,336 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Absci in the second quarter worth $1,575,000. Finally, Nuveen LLC acquired a new stake in Absci in the first quarter valued at $1,251,000. 52.05% of the stock is owned by institutional investors and hedge funds.

Absci Company Profile

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.