On Monday, H.C. Wainwright maintained a Buy rating on shares of Absci Corp (NASDAQ:ABSI) with a steady price target of $7.00. The endorsement comes after Absci's recent R&D Day on December 12, where the company showcased developments in its clinical candidate portfolio.
"Overall, the company has made progress on multiple fronts, specifically within the pipeline, over the past six months," analysts at the firm said.
ABS-101 has demonstrated potential as a leading treatment for inflammatory bowel diseases based on preclinical data. Additionally, ABS-201 is poised to enter the market for androgenic alopecia, a multi-billion dollar opportunity with a clinically validated mechanism-of-action and minimal competition.
The company's pipeline has also been broadened to include two new immuno-oncology candidates, targeting novel and validated areas within the field. H.C. Wainwright's confidence in Absci's execution stems from three key factors: the company's unique AI-based, epitope-specific antibody design, the strategic plan to secure proof-of-concept clinical data before seeking development partnerships, and the strong lineup of key opinion leaders (KOLs) and clinical investigators supporting Absci's work.
The KOLs present at the R&D Day event expressed high enthusiasm for the potential of ABS-201 and the innovative oncology candidate ABS-301, the analysts added.
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