Small Caps Begin to Rebound: 5 Stocks to Buy Now

2. Absci Corporation (NASDAQ:ABSI)

Number of Hedge Fund Holders: 5

Market Capitalization as of August 11: $482.366 million

1-month Share Price Gain as of August 11: 47.06%

Absci Corporation (NASDAQ:ABSI) is based in Washington and operates as a drug and target discovery company. On July 7, Absci Corporation (NASDAQ:ABSI) announced a collaboration with a stealth-mode biotech company for developing antibody drug conjugates (ADCs) for cancer treatments, using Absci Corporation (NASDAQ:ABSI)’s Bionic Protein technology. The stock has gained 47% in the last month as of August 11.

Truist analyst Robyn Karnauskas initiated coverage of Absci Corporation (NASDAQ:ABSI) on July 18 with a ‘Buy’ recommendation and an $8 price target. The analyst is optimistic about the company’s position as a “pioneering, early stage player” in two emerging fields – tech enabled biotech and next-gen biologics. The stock is trading near to cash, but she sees upside potential over the next 12-24 months from potential partnerships, platform validation, and read-through from validation of other players in the sector, the analyst told investors.

According to Insider Monkey’s data, Absci Corporation (NASDAQ:ABSI) was part of 5 hedge funds’ portfolios at the end of Q1 2022, compared to 9 funds in the prior quarter. Jeremy Green’s Redmile Group is the largest stakeholder of the company, with more than 8 million shares worth $67.70 million.