In a report released today, Gil Blum from Needham maintained a Buy rating on AbSci (ABSI – Research Report), with a price target of $9.00.
Gil Blum’s rating is based on several promising developments within AbSci. The company has reported significant progress in its 2024 financial results and anticipates forming a new major pharmaceutical partnership by 2025. This potential partnership, along with the results of ABSI-101 expected in the second half of 2025, are seen as key drivers of value for the company.
Furthermore, the development of ABS-201 is advancing faster than anticipated, with Phase I trials slated to begin in early 2026 and an interim efficacy readout expected by the end of the same year. ABS-101 is also on schedule to enter clinical trials in the first half of 2025, with initial data expected in the latter half of the year. Additionally, AbSci’s strong cash position, with $112 million at the end of 2024, is projected to support operations into the first half of 2027, providing a solid financial foundation for these endeavors.
According to TipRanks, Blum is an analyst with an average return of -11.4% and a 30.20% success rate. Blum covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Geron, and Cartesian Therapeutics.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $7.00 price target.