HC Wainwright Reiterates “Buy” Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They currently have a $7.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 127.27% from the company’s previous close.

ABSI has been the topic of several other reports. KeyCorp reduced their price target on Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Guggenheim reissued a “buy” rating and set a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 target price on shares of Absci in a research report on Wednesday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $8.57.

Absci Stock Down 4.0 %

Shares of NASDAQ:ABSI opened at $3.08 on Wednesday. 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 $353.76 million, a P/E ratio of -3.31 and a beta of 2.09. The stock has a 50-day simple moving average of $3.87 and a 200-day simple moving average of $3.68.

Absci (NASDAQ:ABSI) last issued its earnings results on Tuesday, March 18th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.67 million for the quarter, compared to analysts’ expectations of $1.77 million. Equities analysts forecast that Absci will post -0.89 earnings per share for the current year.

Hedge Funds Weigh In On Absci

A number of institutional investors have recently made changes to their positions in ABSI. FMR LLC raised its position in shares of Absci by 1.2% during the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company’s stock valued at $48,620,000 after acquiring an additional 147,156 shares in the last quarter. ARK Investment Management LLC raised its position in shares of Absci by 30.4% during the 4th quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock valued at $21,657,000 after acquiring an additional 1,928,314 shares in the last quarter. Fred Alger Management LLC raised its position 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 valued at $28,904,000 after acquiring an additional 309,843 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Absci by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,949,810 shares of the company’s stock valued at $5,110,000 after acquiring an additional 16,217 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Absci by 28.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock worth $2,997,000 after buying an additional 253,985 shares during the last quarter. 52.05% of the stock is owned by institutional investors and hedge funds.

About Absci

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.