Absci (NASDAQ: ABSI) saw its price target adjusted by Needham & Company LLC, which lowered it from $8.00 to $7.00 in a recent research note released on Thursday, according to reports from Benzinga. Despite this reduction, the brokerage firm continues to hold a “buy” rating on the stock, suggesting a potential upside of 148.23% based on the company”s current market value.
The stock has garnered attention from various analysts recently. On October 2nd, JPMorgan Chase & Co. initiated coverage on Absci, designating it with an “overweight” rating. In contrast, on October 8th, Weiss Ratings reaffirmed a “sell (d-)” rating for the shares. Moreover, Wall Street Zen downgraded Absci from a “hold” to a “strong sell” on August 16th. Additionally, Morgan Stanley adjusted its target price for the company from $6.40 down to $5.89, while still assigning an “overweight” rating in a report dated August 18th.
A total of six research analysts have issued a “buy” rating for Absci, while one has recommended selling the stock. Currently, the consensus rating stands at “Moderate Buy,” with an average target price of $7.78, as noted by MarketBeat.
In its latest quarterly earnings report published on November 12th, Absci revealed an earnings per share (EPS) loss of $0.20, which was slightly below the consensus estimate of a $0.19 loss. The company reported revenue of $0.38 million for the quarter, significantly lower than the expected $1.58 million. Analysts project that Absci will post an EPS of -0.89 for the current fiscal year.
In recent insider trading news, Todd Bedrick, the Chief Accounting Officer, acquired 10,000 shares of the company”s stock on September 22nd at an average price of $2.70 per share, totaling $27,000. Following this transaction, Bedrick holds 180,428 shares valued at approximately $487,155.60, marking a 5.87% increase in his holdings. This transaction details were filed with the Securities & Exchange Commission.
Furthermore, Menelas N. Pangalos, a director at Absci, purchased 95,785 shares on the same day at an average cost of $2.66 per share, amounting to a total of $254,788.10. After this acquisition, Pangalos directly owns 113,960 shares valued at around $303,133.60, representing a rather significant increase of 527.02% in his position. More details regarding this transaction can be found in the official SEC disclosure.
Institutional investors currently hold 52.05% of Absci”s stock, with several hedge funds making recent adjustments to their positions. For instance, ARK Investment Management LLC raised its stake in Absci by 32.5% during the first quarter, now owning approximately 10,955,089 shares valued at $27,497,000. Additionally, Vanguard Group Inc. increased its stake by 12.9% in the third quarter, bringing its total to 7,281,918 shares worth $22,137,000.
Absci Corporation specializes in employing data-first generative artificial intelligence (AI) technologies to develop drugs in the United States. The company integrates AI with scalable wet lab technologies to facilitate the creation of biologics aimed at improving health outcomes for patients. Its innovative drug creation platform seeks to enhance the traditional drug discovery process by leveraging AI to simultaneously optimize various drug characteristics essential for development and therapeutic efficacy.
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