Truist Securities Reinstates Absci Corp. (ABSI) at Buy

Truist Securities analyst Robyn Karnauskas reinstates coverage on Absci Corp. (NASDAQ: ABSI) with a Buy rating and a price target of $9.00.

The analyst comments "We see Absci as a pure-play AI tech enabled biotech company that is making rapid strides in making in-silico based drug design and development a real possibility. The company's recent cash raise removes a key near-term overhang and extends the cash runway until 2027, acc to mgmt. In our view, the biggest potential catalyst for the year is the TL1A asset NHP PK data to be released later this year. We have also updated our model based on the recent preliminary earnings release, and we reinstate a price target on the shares of $9/sh, which is based on our DCF valuation."

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 $5.74 yesterday.

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