Absci Corporation (NASDAQ:ABSI) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Absci Corporation (NASDAQ:ABSI) have received an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $7.6640.

ABSI has been the topic of a number of research analyst reports. Morgan Stanley lowered Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price target on the stock. in a research note on Thursday, January 8th. HC Wainwright upped their price target 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price target on shares of Absci in a report on Friday, December 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Wednesday, January 21st.

Absci Trading Down 4.7%

Shares of ABSI opened at $2.65 on Friday. The firm has a market cap of $398.48 million, a PE ratio of -2.94 and a beta of 2.11. Absci has a 12 month low of $2.01 and a 12 month high of $5.41. The stock has a fifty day moving average price of $3.15 and a 200-day moving average price of $3.20.

Insider Activity

In related news, CEO Sean Mcclain sold 26,761 shares of Absci stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $2.99, for a total transaction of $80,015.39. Following the completion of the sale, the chief executive officer owned 8,334,567 shares of the company’s stock, valued at $24,920,355.33. The trade was a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 10.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Absci

A number of institutional investors have recently bought and sold shares of the business. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position 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 valued at $407,000 after purchasing an additional 69,894 shares during the period. Ethic Inc. purchased a new position in Absci in the 2nd quarter valued at about $32,000. Stratos Wealth Partners LTD. acquired a new stake in Absci in the 3rd quarter worth about $32,000. Principal Financial Group Inc. purchased a new stake in Absci during the 3rd quarter worth approximately $31,000. Finally, Savant Capital LLC purchased a new stake in Absci during the 3rd quarter worth approximately $43,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

About Absci

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.