10 Best Nasdaq Stocks Under $5 to Buy

8. Absci Corp. (NASDAQ:ABSI)

Current Market Price: $4.33

Number of hedge funds: 20

Absci Corp. (NASDAQ:ABSI) is a biotechnology company that leverages AI and lab technology to create better drugs for patients more rapidly. It utilizes data to train its AI, which helps design new drugs that are then tested in the lab. The company’s goal is to produce high-quality, effective drugs through its unique Integrated Drug Creation platform.

Absci Corp. (NASDAQ:ABSI) is a consensus Buy, with all analysts covering the stock assigning a Buy rating and projecting an average 85% upside potential. On January 22, analyst from Needham initiated coverage on the company with a Buy rating and a $9 price target. He based his positive case on the view that the company stands out from the competition due to its practical approach to drug development. The analyst also believes the company has “potential best-in-class assets in high-value therapeutic areas” and employs a business strategy focused on creating and monetizing early-stage value.

By combining AI with scalable lab technology, Absci Corp. (NASDAQ:ABSI) can develop novel biologics, including antibodies and other protein therapeutics, aimed at addressing unmet medical needs. Their hands-on approach allows them to innovate efficiently and effectively in the biotechnology space, which should support significant growth and value creation.