14 Best Multibagger Penny Stocks to Buy Right Now

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11. Absci Corporation (NASDAQ:ABSI)

Share price: $3.39

Analysts upside potential: 143.36%

Number of hedge fund holders: 18

Absci Corporation (NASDAQ:ABSI) is one of the best multibagger penny stocks to buy right now. On December 12, Needham’s Gil Blum reiterated a Buy rating on Absci Corporation (NASDAQ:ABSI) with a $7 price target, citing encouraging preclinical data for ABS‑201 in androgenetic alopecia and strong market interest ahead of the planned HEADLINE study. Earlier, on December 4, JonesTrading also maintained a Buy rating with a $9 target.

A day earlier, on December 11, the company delivered topline preclinical data for its artificial intelligence-designed antibody ABS-201. The data have confirmed the drug’s potential to stimulate hair growth in human scalp tissue samples.

ABS-201 edge stems on its ability to target the prolactin receptor to promote hair growth while preserving stem cells. It also prolongs anagen by blocking catagen and promoting hair matrix keratinocyte proliferation. It has also shown potential to extend the active growth phase of hair follicles.

“Today’s standard treatment options for androgenetic alopecia (AGA) do not target one of its root causes, the reduced capacity of hair follicle stem cells to generate progenitor cells, and largely ignore the role of other hormones than androgens in this form of hair loss,” said Professor Ralf Paus, Research Professor of Dermatology and Cutaneous Surgery, University of Miami Miller School of Medicine.

Paus expects ABS-201 to open a radically new chapter in future AGA management by targeting a key mechanism in androgenetic alopecia (pattern hair loss) that current treatments do not. The candidate drug is also staring at a significant market given that Androgenetic alopecia affects approximately 80 million Americans.

Absci Corporation (NASDAQ:ABSI) is a clinical-stage biopharmaceutical company that uses a proprietary generative artificial intelligence (AI) drug creation platform to discover and develop novel protein-based therapeutics, or biologics.

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