Absci's (ABSI) ABS-201 showed a favorable early safety profile, with no serious adverse events, and pharmacokinetic data supporting a potential two- to three-injection regimen over six months, Truist said in a note on Wednesday.

ABS-201 is an anti-prolactin receptor antibody being developed for the treatment of androgenetic alopecia.

Truist said the interim phase 1 results represent a de-risking event for the program and that it is now looking ahead to proof-of-concept efficacy data expected in H2.

The convenience of that dosing schedule, if supported by future efficacy readouts, could position ABS-201 as a preferred option in the hair growth space, the note said.

Truist kept its Buy rating and $11 price target on the stock.

Shares of Absci surged 35% in Wednesday afternoon trading.

Price: 10.02, Change: +2.61, Percent Change: +35.22