Three Analysts Initiate Coverage On This AI-Based Pharmatech - Exscientia (NASDAQ:EXAI)

BofA initiated coverage on Exscientia Plc EXAI with a Buy and $27 price target, implying a 25.5% upside.
Analyst Michael Ryskin believes Exscientia stands out from other tech-enabled biotechs, as it uses AI to develop better drugs in a shorter period.
Ryskin adds that the company's lead compounds remain in the early Phase 1 trials as the platform validation continues.
Goldman Sachs also initiated Exscientia with a Buy and $30 price target, suggesting a 39.5% upside.
Analyst Chris Shibutani believes the company is well-positioned to become a "pharmatech leader" in end-to-end artificial intelligence-enhanced drug discovery and development.
Exscientia's proprietary integration of advanced modeling and algorithmic learning could potentially result in better drug candidates & trials, more efficient development, and ultimately, higher probabilities of success, Shibutani tells investors.
Morgan Stanley initiated coverage of Exscientia with an Equal Weight rating and a $25 price target, implying a 16% upside.
Analyst Vikram Purohit says that Exscientia's platform "appears highly productive," and recent partnerships provide "significant validation of the company's AI-guided approach."
But, Purohit prefers to remain on the sidelines as he awaits updates from the company's lead pipeline programs.
The company's most advanced programs: EXS21546 (Phase 1 study) and EXS617 (preclinical development), could have utility in indications such as lung & breast cancer. The analyst estimates about $1.5 billion in peak economic contribution to Exscientia.
Earlier this month, Exscientia debuted on NASDAQ.
Price Action: EXAI shares closed down by 8.43% at $21.51 on Tuesday.

Market News and Data brought to you by Benzinga APIs