Absci (NASDAQ:ABSI) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC has started coverage on Absci (NASDAQ:ABSI - Get Free Report) shares, reports Stock Target Advisor. The brokerage has established a 'buy' rating and $9.00 price target on the stock. Needham & Company LLC's price target indicates a potential upside of 179.50% from the stock's current price.

Several other brokerages have also recently issued reports on ABSI. KeyCorp cut their target price on Absci's shares from $6.00 to $5.00 and gave an 'overweight' rating on the stock in a research report on Wednesday, January 8th. Guggenheim gave Absci a 'buy' rating and set a $10.00 price target on the stock in a report on Tuesday, December 3rd. Finally, HC Wainwright gave Absci a 'buy' rating and set a $7.00 price target on the stock in a research report on Friday, January 17th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $8.57.

Check Out Our Latest Stock Report on ABSI

The company's shares opened at $3.22 on Wednesday. The business's fifty day moving average is $3.03 and its 200 day moving average is $3.68. Absci has a twelve month low of $2.45 and a twelve month high of $6.72. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The company has a market cap of $369.85 million, a price-to-earnings ratio of -3.46 and a beta of 2.04.

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

Hedge funds have recently modified their holdings of the stock. PCA Investment Advisory Services Inc. purchased a new position in Absci during the fourth quarter worth about $26,000. Alpha Cubed Investments LLC bought a new stake in Absci in the 4th quarter valued at about $26,000. Ballentine Partners LLC bought a new position in Absci during the 4th quarter valued at approximately $27,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Absci during the 3rd quarter valued at approximately $53,000. Finally, Farther Finance Advisors LLC raised its position in Absci by 119.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company's stock valued at $72,000 after purchasing an additional 10,275 shares during the last quarter. Hedge funds and other institutional investors own 52.05% of the company's stock.

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.

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