Analyst Swayampakula Ramakanth of H.C. Wainwright maintained a Buy rating on AbSci (ABSI – Research Report), retaining the price target of $7.00.
Swayampakula Ramakanth has given his Buy rating due to a combination of factors that highlight AbSci’s promising future. The company has developed a unique AI-designed antibody pipeline with assets that have the potential to be first-in-class or best-in-class, addressing significant market opportunities. The lead asset, ABS-101, is poised for a Phase 1 study in 2025, targeting inflammatory bowel diseases, and ABS-201 is being accelerated for androgenic alopecia, showcasing its potential superiority over existing treatments.
Furthermore, AbSci has made significant strides in forming partnerships, expanding its active drug creation programs to 25 across various therapeutic areas, which underscores the broad applicability of its AI technology. The company’s recent financial updates, including a substantial cash reserve bolstered by equity funding, provide a solid financial foundation to support its ambitious pipeline and partnership goals. These elements collectively contribute to the Buy rating, reflecting confidence in AbSci’s strategic direction and growth potential.
Ramakanth covers the Healthcare sector, focusing on stocks such as Eton Pharmaceuticals, AbSci, and Vericel. According to TipRanks, Ramakanth has an average return of 2.2% and a 35.07% success rate on recommended stocks.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $7.00 price target.