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

Absci Corporation (NASDAQ:ABSI) has earned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $7.82.

A number of analysts recently issued reports on ABSI shares. Truist Financial boosted their price objective on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Morgan Stanley set a $4.10 price objective on Absci in a research note on Thursday, May 14th. BTIG Research started coverage on Absci in a research note on Thursday. They set a “buy” rating and a $9.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price objective on shares of Absci in a research note on Wednesday, March 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th.

Absci Price Performance

Shares of ABSI opened at $6.75 on Monday. The firm has a market cap of $1.05 billion, a PE ratio of -8.13 and a beta of 2.44. The stock’s fifty day moving average price is $4.18 and its two-hundred day moving average price is $3.46. Absci has a 1 year low of $2.24 and a 1 year high of $7.34.

Absci (NASDAQ:ABSI) last issued its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.01. The firm had revenue of $0.22 million for the quarter, compared to analyst estimates of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. Sell-side analysts anticipate that Absci will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Andreas Busch acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $2.29 per share, for a total transaction of $229,000.00. Following the purchase, the insider owned 421,446 shares in the company, valued at $965,111.34. This trade represents a 31.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Absci

A number of institutional investors have recently added to or reduced their stakes in ABSI. AQR Capital Management LLC increased its stake in Absci by 279.4% in the 1st quarter. AQR Capital Management LLC now owns 55,538 shares of the company’s stock worth $139,000 after acquiring an additional 40,901 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Absci by 17.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 314,858 shares of the company’s stock worth $790,000 after acquiring an additional 46,975 shares during the last quarter. Woodline Partners LP increased its stake in Absci by 32.9% in the 1st quarter. Woodline Partners LP now owns 1,391,245 shares of the company’s stock worth $3,492,000 after acquiring an additional 344,270 shares during the last quarter. Geode Capital Management LLC increased its stake in Absci by 22.5% in the 2nd quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock worth $6,286,000 after acquiring an additional 448,984 shares during the last quarter. Finally, Creative Planning increased its stake in Absci by 145.4% in the 2nd quarter. Creative Planning now owns 46,882 shares of the company’s stock worth $120,000 after acquiring an additional 27,775 shares during the last quarter. 52.05% of the stock is currently owned by 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.