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Absci (ABSI) to Report Q1 Earnings: Here's What to Expect
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Absci Corporation (ABSI - Free Report) is scheduled to report first-quarter 2024 results on May 14.
Let's see how things might have shaped up prior to the announcement.
Factors to Consider
Absci is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients.
The company primarily generates revenues from drug-creation activities. ABSI is still early in the adoption phase of its drug creation model.
Hence, investors will mostly focus on pipeline updates.
In January, Absci presented positive preclinical data on ABS-101. Based on further confirmatory studies in February, Absci selected a development candidate to advance into IND-enabling studies. The company expects to submit an IND for ABS-101 in the first quarter of 2025 and commence phase I studies for this program thereafter, subject to IND clearance.
Another candidate, ABS-201, is designed for an undisclosed dermatological indication. The company expects to select a development candidate for this program in the second half of the year.
Meanwhile, ABS-301 is being evaluated for its broad applicability to a variety of oncology indications. Absci looks forward to completing the mode-of-action validation studies for this program in the second half as well.
Absci expects to advance at least one additional internal asset program to a lead stage in 2024.
Further updates on these candidates are expected when the company announces quarterly results.
As of Dec 31, 2023, the company had cash, cash equivalents and short-term investments worth $97.7 million.
Absci believes that its existing cash, cash equivalents and short-term investments, including the net proceeds from the recent underwritten offering of common stock (raising gross proceeds of approximately $86.4 million), should be sufficient to fund its operations into the first half of 2027.
Operating expenses increased in the fourth quarter of 2023. The first quarter, too, might have witnessed an increase in costs and expenses.
The Zacks Consensus Estimate for ABSI’s first-quarter revenues is pegged at $3 million, while the same for loss per share is pinned at 19 cents.
Earnings Surprise History
The company’s earnings missed estimates in each of the trailing four quarters, delivering an average negative surprise of 8.47%.
Absci Corporation Price, Consensus and EPS Surprise
Our proven model does not conclusively predict an earnings beat for ABSI this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Unfortunately, that is not the case here, as you will see below. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: ABSI has an Earnings ESP of 0.00% as the Most Accurate Estimate and the Zacks Consensus Estimate are both pegged at a loss of 19 cents.
Zacks Rank: ABSI currently carries a Zacks Rank #3.
Stocks to Consider
Here are some drug and biotech stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this reporting cycle.
ADVM beat on earnings in three of the trailing four quarters and missed in one, delivering an average surprise of 3.58%. Shares of ADVM have surged 41.6% year to date.
ANI Pharmaceuticals (ANIP - Free Report) has an Earnings ESP of +9.74% and a Zacks Rank #2 at present.
ANIP beat on earnings in each of the trailing four quarters, delivering an average surprise of 109.06%. It is scheduled to release first-quarter results on May 10.
Arvinas (ARVN - Free Report) has an Earnings ESP of +20.71% and a Zacks Rank #2 at present.
ARVN beat on earnings in two of the trailing four quarters and missed in the other two, delivering an average negative surprise of 12.05%. Shares of ARVN have surged 30.7% in the past year.
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Absci (ABSI) to Report Q1 Earnings: Here's What to Expect
Absci Corporation (ABSI - Free Report) is scheduled to report first-quarter 2024 results on May 14.
Let's see how things might have shaped up prior to the announcement.
Factors to Consider
Absci is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients.
The company primarily generates revenues from drug-creation activities. ABSI is still early in the adoption phase of its drug creation model.
Hence, investors will mostly focus on pipeline updates.
In January, Absci presented positive preclinical data on ABS-101. Based on further confirmatory studies in February, Absci selected a development candidate to advance into IND-enabling studies. The company expects to submit an IND for ABS-101 in the first quarter of 2025 and commence phase I studies for this program thereafter, subject to IND clearance.
Another candidate, ABS-201, is designed for an undisclosed dermatological indication. The company expects to select a development candidate for this program in the second half of the year.
Meanwhile, ABS-301 is being evaluated for its broad applicability to a variety of oncology indications. Absci looks forward to completing the mode-of-action validation studies for this program in the second half as well.
Absci expects to advance at least one additional internal asset program to a lead stage in 2024.
Further updates on these candidates are expected when the company announces quarterly results.
As of Dec 31, 2023, the company had cash, cash equivalents and short-term investments worth $97.7 million.
Absci believes that its existing cash, cash equivalents and short-term investments, including the net proceeds from the recent underwritten offering of common stock (raising gross proceeds of approximately $86.4 million), should be sufficient to fund its operations into the first half of 2027.
Operating expenses increased in the fourth quarter of 2023. The first quarter, too, might have witnessed an increase in costs and expenses.
The Zacks Consensus Estimate for ABSI’s first-quarter revenues is pegged at $3 million, while the same for loss per share is pinned at 19 cents.
Earnings Surprise History
The company’s earnings missed estimates in each of the trailing four quarters, delivering an average negative surprise of 8.47%.
Absci Corporation Price, Consensus and EPS Surprise
Absci Corporation price-consensus-eps-surprise-chart | Absci Corporation Quote
Earnings Whisper
Our proven model does not conclusively predict an earnings beat for ABSI this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Unfortunately, that is not the case here, as you will see below. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: ABSI has an Earnings ESP of 0.00% as the Most Accurate Estimate and the Zacks Consensus Estimate are both pegged at a loss of 19 cents.
Zacks Rank: ABSI currently carries a Zacks Rank #3.
Stocks to Consider
Here are some drug and biotech stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this reporting cycle.
Adverum Biotechnologies (ADVM - Free Report) has an Earnings ESP of +3.66% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
ADVM beat on earnings in three of the trailing four quarters and missed in one, delivering an average surprise of 3.58%. Shares of ADVM have surged 41.6% year to date.
ANI Pharmaceuticals (ANIP - Free Report) has an Earnings ESP of +9.74% and a Zacks Rank #2 at present.
ANIP beat on earnings in each of the trailing four quarters, delivering an average surprise of 109.06%. It is scheduled to release first-quarter results on May 10.
Arvinas (ARVN - Free Report) has an Earnings ESP of +20.71% and a Zacks Rank #2 at present.
ARVN beat on earnings in two of the trailing four quarters and missed in the other two, delivering an average negative surprise of 12.05%. Shares of ARVN have surged 30.7% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.