Absci cash raise removes key share overhang, says Truist

Truist analyst Robyn Karnauskas reiterates a Buy rating on Absci and reinstated the firm’s $9 price target following the recent cash raise. The raise removes a key near-term overhang and extends Absci’s cash runway until 2027, the analyst tells investors in a research note. The firm sees Absci as a pure-play artificial intelligence tech enabled biotech company that is “making rapid strides in making in-silico based drug design and development a real possibility.”