Needham & Company LLC Begins Coverage on Absci (NASDAQ:ABSI)

Needham & Company LLC began coverage on shares of Absci (NASDAQ:ABSI - Free Report) in a research report sent to investors on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $9.00 price target on the stock.

A number of other research analysts have also commented on the stock. 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. HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of Absci in a research note on Friday, January 17th. Finally, Guggenheim reiterated a "buy" rating and set a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Absci presently has an average rating of "Buy" and an average price target of $8.57.

Absci Stock Performance

Shares of NASDAQ:ABSI traded up $0.81 during midday trading on Wednesday, reaching $4.03. The company had a trading volume of 22,650,952 shares, compared to its average volume of 9,408,307. The stock has a market cap of $462.89 million, a P/E ratio of -4.33 and a beta of 2.04. The company's 50 day moving average price is $3.03 and its 200 day moving average price is $3.68. 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 52-week low of $2.45 and a 52-week high of $6.72.

Absci (NASDAQ:ABSI - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.05). The company had revenue of $1.70 million for the quarter, compared to the consensus estimate of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. During the same period in the prior year, the company earned ($0.24) earnings per share. As a group, sell-side analysts anticipate that Absci will post -0.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its holdings in Absci by 23.3% in the second quarter. Marshall Wace LLP now owns 1,833,902 shares of the company's stock worth $5,648,000 after purchasing an additional 347,079 shares in the last quarter. Barclays PLC lifted its position in Absci by 379.6% during the 3rd quarter. Barclays PLC now owns 131,504 shares of the company's stock valued at $503,000 after acquiring an additional 104,083 shares during the period. Bank of Montreal Can bought a new stake in Absci during the second quarter worth about $527,000. Squarepoint Ops LLC grew its holdings in Absci by 72.4% in the second quarter. Squarepoint Ops LLC now owns 369,187 shares of the company's stock worth $1,137,000 after purchasing an additional 155,007 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Absci during the third quarter valued at approximately $724,000. 52.05% of the stock is currently owned by institutional investors.

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.