BTIG initiated coverage of Absci Corporation, emphasizing the potential of its AI-designed antibody, ABS-201, which could revolutionize hair loss treatment by introducing a new mechanism of action for the first time in nearly 30 years. The firm set a 12-month price target of $9 per share, highlighting that ABS-201 could achieve peak sales of up to $2.2 billion.
This treatment targets androgenetic alopecia and is currently in Phase 1/2A trials, with plans to expand into endometriosis, a condition affecting 10% of women globally. BTIG analyst Kambiz Yazdi noted that the treatment could represent a 'GLP-1 moment for hair loss,' similar to the successful diabetes and weight loss treatments that addressed significant consumer needs.
The report also pointed out that approximately 80 million Americans experience hair loss, underscoring the market's potential. Absci's AI platform is described as a 'genuine technological moat,' providing a competitive edge in the crowded AI drug discovery space.
The company went public in July 2021 at $16 per share, and its innovative approach to drug design could position it favorably in the biotech sector