Absci (NASDAQ:ABSI) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Absci (NASDAQ:ABSI) in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. Needham & Company LLC currently has a $9.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Absci in a research report on Friday, January 17th. Guggenheim reaffirmed a “buy” rating and set a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. Finally, KeyCorp reduced 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, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $8.57.

Absci Price Performance

ABSI opened at $3.01 on Wednesday. The company’s 50 day simple moving average is $3.86 and its 200 day simple moving average is $3.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. Absci has a 1 year low of $2.45 and a 1 year high of $6.72. The stock has a market capitalization of $383.28 million, a PE ratio of -3.24 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 (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The company had revenue of $0.67 million during the quarter, compared to analyst estimates of $1.77 million. As a group, sell-side analysts expect that Absci will post -0.89 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. PCA Investment Advisory Services Inc. acquired a new position in shares of Absci during the fourth quarter worth $26,000. Alpha Cubed Investments LLC acquired a new position in shares of Absci during the fourth quarter worth $26,000. Ballentine Partners LLC acquired a new position in shares of Absci during the fourth quarter worth $27,000. BNP Paribas Financial Markets acquired a new position in shares of Absci during the fourth quarter worth $28,000. Finally, Verdence Capital Advisors LLC acquired a new position in shares of Absci during the fourth quarter worth $37,000. 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.