HC Wainwright Reaffirms Buy Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a report released on Friday,Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 150.00% from the stock’s previous close.

A number of other equities research analysts have also commented on ABSI. KeyCorp lowered their price target on Absci from $6.00 to $5.00 and set an “overweight” rating for the company 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. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.50.

Absci Price Performance

NASDAQ:ABSI opened at $2.80 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63. Absci has a one year low of $2.45 and a one year high of $6.72. The firm has a 50-day moving average of $3.09 and a 200-day moving average of $3.67.

Absci (NASDAQ:ABSI) last released its quarterly earnings results 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 company had revenue of $1.70 million for the quarter, compared to analyst estimates 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 quarter last year, the firm posted ($0.24) EPS. As a group, analysts anticipate that Absci will post -0.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

A number of hedge funds have recently made changes to their positions in ABSI. Marshall Wace LLP increased its holdings in Absci by 23.3% during the second quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock worth $5,648,000 after buying an additional 347,079 shares during the last quarter. Barclays PLC increased its stake in shares of Absci by 379.6% during the 3rd quarter. Barclays PLC now owns 131,504 shares of the company’s stock worth $503,000 after purchasing an additional 104,083 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Absci in the 2nd quarter worth approximately $527,000. Squarepoint Ops LLC lifted its stake in Absci by 72.4% in the second quarter. Squarepoint Ops LLC now owns 369,187 shares of the company’s stock valued at $1,137,000 after purchasing an additional 155,007 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Absci during the third quarter valued at $724,000. 52.05% of the stock is currently owned by institutional investors.

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.