Absci Corporation (NASDAQ:ABSI) Stock Has Average Price Target of $13.71 According to Analysts

Absci Corporation (NASDAQ:ABSI) has earned an average recommendation of “Moderate Buy” from the nine research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and eight have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $13.71.

Several analysts recently weighed in on the stock. 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 report on Thursday, July 2nd. HC Wainwright increased their target price on Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. BTIG Research set a $15.00 target price on Absci and gave the company a “buy” rating in a research note on Tuesday, September 8th. Morgan Stanley reaffirmed a “positive” rating and issued a $10.00 price target on shares of Absci in a research note on Thursday, June 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Absci in a research note on Wednesday, September 23rd.

Absci Stock Performance

NASDAQ:ABSI opened at $10.27 on Friday. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -12.84 and a beta of 2.27. The stock has a fifty day moving average of $9.16 and a 200 day moving average of $7.26. Absci has a 52-week low of $2.24 and a 52-week high of $12.06.

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

Institutional Investors Weigh In On Absci

Hedge funds have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd purchased a new stake in Absci in the 2nd quarter worth approximately $445,000. Engineers Gate Manager LP bought a new position in shares of Absci during the second quarter worth $305,000. Integrated Wealth Concepts LLC bought a new position in shares of Absci during the 2nd quarter valued at about $53,000. Corient Private Wealth LP bought a new position in Absci during the second quarter valued at approximately $270,000. Finally, AXQ Capital LP boosted its position in shares of Absci by 10.5% during the 2nd quarter. AXQ Capital LP now owns 36,000 shares of the company’s stock valued at $417,000 after acquiring an additional 3,435 shares during the last quarter. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Company Profile

Absci Corporation is a biotechnology company that uses generative artificial intelligence and integrated laboratory technologies to discover and develop new medicines. The company focuses primarily on biologics, including antibody-based therapies, and aims to accelerate the process of moving from drug concept to candidate development.

Absci’s platform combines artificial intelligence models with biological data generation and laboratory experimentation. Its capabilities include protein and antibody design, target and candidate evaluation, and the development of cell lines and manufacturing processes intended to support biologic drug production.