JPMorgan Double Downgrades Absci Corp. (ABSI) to Underweight

JPMorgan analyst Tycho Peterson downgraded Absci Corp. (NASDAQ: ABSI) from Overweight to Underweight.

The analyst comments "ABSI offers an integrated drug creation platform that leverages proprietary synthetic biology technologies and deep learning AI to enable efficient discovery and development of novel protein-based drugs. The breakthrough technology and strong IP positions ABSI uniquely in an attractive market of next-generation biologic drugs, and the company aims at strong value capture through royalties. That said, the project mix is increasingly skewed to discovery projects, with management noting no standalone CLD projects in the funnel. While discovery projects carry greater downstream economics, the probability of success associated with these projects is also lower, and the timeline to revenue recognition is also much longer, leading to reduced revenue outlook and visibility over the medium term."

For an analyst ratings summary and ratings history on Absci Corp. click here. For more ratings news on Absci Corp. click here.

Shares of Absci Corp. closed at $4.79 yesterday.

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