Absci Corporation (NASDAQ:ABSI) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Absci Corporation (NASDAQ:ABSI) have been assigned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $7.6640.

Several equities analysts have commented on ABSI shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a research report on Friday, December 12th. HC Wainwright boosted their target price on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Morgan Stanley lowered shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective for the company. in a report on Thursday, January 8th. JPMorgan Chase & Co. assumed coverage on shares of Absci in a research note on Thursday, October 2nd. They issued an “overweight” rating on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Wednesday, January 21st.

Absci Price Performance

Absci stock opened at $2.89 on Tuesday. Absci has a 1-year low of $2.01 and a 1-year high of $6.33. The company’s 50-day moving average is $3.34 and its 200 day moving average is $3.24. The firm has a market capitalization of $434.57 million, a P/E ratio of -3.21 and a beta of 2.11.

Absci (NASDAQ:ABSI) last released its earnings results on Wednesday, November 12th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Absci had a negative net margin of 4,071.19% and a negative return on equity of 60.19%. The business had revenue of $0.38 million for the quarter, compared to the consensus estimate of $1.58 million. Research analysts anticipate that Absci will post -0.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Absci

Several institutional investors have recently made changes to their positions in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Absci by 79.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,298 shares of the company’s stock worth $407,000 after buying an additional 69,894 shares during the last quarter. Ethic Inc. purchased a new stake in Absci during the 2nd quarter valued at about $32,000. Brevan Howard Capital Management LP increased its holdings in shares of Absci by 248.0% in the second quarter. Brevan Howard Capital Management LP now owns 108,426 shares of the company’s stock valued at $279,000 after purchasing an additional 77,272 shares during the period. Bank of America Corp DE raised its stake in shares of Absci by 19.4% in the second quarter. Bank of America Corp DE now owns 1,867,669 shares of the company’s stock worth $4,800,000 after purchasing an additional 303,918 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Absci by 24.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,746 shares of the company’s stock worth $154,000 after purchasing an additional 11,918 shares during the period. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.