Needham & Company LLC Reiterates “Buy” Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They presently have a $9.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 196.05% from the company’s previous close.

Several other research firms also recently commented on ABSI. Guggenheim reiterated a “buy” rating and issued a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a research report on Friday, January 17th. Finally, KeyCorp reduced their price target on shares of Absci from $6.00 to $5.00 and set an “overweight” rating for the company 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 a consensus rating of “Buy” and a consensus target price of $8.57.

Absci Stock Up 2.0 %

Shares of NASDAQ:ABSI opened at $3.04 on Wednesday. The company has a market capitalization of $349.16 million, a PE ratio of -3.27 and a beta of 2.09. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. Absci has a twelve month low of $2.45 and a twelve month high of $6.72. The firm has a 50 day simple moving average of $3.86 and a 200-day simple moving average of $3.67.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, March 18th. The company reported ($0.25) earnings per share 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 for the quarter, compared to analysts’ expectations of $1.77 million. On average, equities analysts predict that Absci will post -0.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

A number of large investors have recently bought and sold shares of ABSI. ARK Investment Management LLC raised its position in Absci by 30.4% during the 4th quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock worth $21,657,000 after buying an additional 1,928,314 shares during the last quarter. Royce & Associates LP grew its stake in shares of Absci by 472.1% during the 4th quarter. Royce & Associates LP now owns 882,096 shares of the company’s stock worth $2,311,000 after purchasing an additional 727,905 shares during the period. Two Sigma Advisers LP grew its stake in shares of Absci by 191.9% during the 4th quarter. Two Sigma Advisers LP now owns 676,400 shares of the company’s stock worth $1,772,000 after purchasing an additional 444,700 shares during the period. Two Sigma Investments LP grew its stake in shares of Absci by 97.2% during the 4th quarter. Two Sigma Investments LP now owns 899,648 shares of the company’s stock worth $2,357,000 after purchasing an additional 443,410 shares during the period. Finally, Fred Alger Management LLC grew 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 worth $28,904,000 after purchasing an additional 309,843 shares during the period. Hedge funds and other institutional investors own 52.05% of the company’s stock.

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.