Absci Corporation (NASDAQ:ABSI) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Absci Corporation (NASDAQ:ABSI) have received an average rating of “Moderate Buy” from the ten brokerages that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and nine have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $13.7143.

Several equities analysts have recently weighed in on ABSI shares. Morgan Stanley reiterated a “positive” rating and set a $10.00 price objective on shares of Absci in a report on Thursday, June 25th. Guggenheim raised their target price on shares of Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 15th. BTIG Research set a $15.00 price target on shares of Absci and gave the company a “buy” rating in a research note on Tuesday, September 8th. Truist Financial lifted their price target on shares of Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Absci in a report on Wednesday, August 12th.

Hedge Funds Weigh In On Absci

A number of large investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new stake in shares of Absci in the second quarter valued at about $53,000. Quarry LP acquired a new position in shares of Absci during the third quarter worth about $26,000. Essential Partners LLC raised its position in Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after buying an additional 9,108 shares during the last quarter. Scientech Research LLC bought a new stake in Absci in the 3rd quarter valued at approximately $31,000. Finally, Principal Financial Group Inc. bought a new stake in Absci in the 1st quarter valued at approximately $31,000. Institutional investors own 52.05% of the company’s stock.

Absci Stock Performance

Shares of NASDAQ:ABSI opened at $8.21 on Wednesday. The company has a 50 day moving average price of $8.97 and a two-hundred day moving average price of $6.40. The company has a market capitalization of $1.41 billion, a PE ratio of -10.26 and a beta of 2.42. Absci has a 52 week low of $2.24 and a 52 week high of $12.06.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%.The firm had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. On average, sell-side analysts forecast that Absci will post -0.74 earnings per share for the current year.

About Absci

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company’s capabilities include target discovery, protein design, antibody generation, and experimental validation.