Absci (NASDAQ:ABSI) Trading Up 7.3% – Here’s What Happened

Absci Corporation (NASDAQ:ABSI) shares were up 7.3% during trading on Friday . The company traded as high as $6.98 and last traded at $6.9860. Approximately 582,543 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 4,164,209 shares. The stock had previously closed at $6.51.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ABSI shares. Morgan Stanley set a $4.10 target price on Absci in a research note on Thursday, May 14th. Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Wednesday, March 25th. Leerink Partners started coverage on Absci in a research note on Thursday, June 4th. They issued an “outperform” rating and a $12.00 target price for the company. BTIG Research started coverage on Absci in a research note on Thursday, May 28th. They issued a “buy” rating and a $9.00 target price for the company. Finally, Truist Financial raised their target price on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.52.

Absci Price Performance

The stock has a 50 day simple moving average of $4.90 and a 200-day simple moving average of $3.70. The firm has a market cap of $1.06 billion, a PE ratio of -8.19 and a beta of 2.44.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The business had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. As a group, equities analysts predict that Absci Corporation will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ABSI. State Street Corp raised its stake in Absci by 190.1% during the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock valued at $20,908,000 after buying an additional 3,925,926 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Absci during the fourth quarter valued at $8,201,000. Baker BROS. Advisors LP purchased a new position in Absci during the fourth quarter valued at $7,450,000. ARK Investment Management LLC increased its holdings in shares of Absci by 21.1% in the 3rd quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock worth $36,975,000 after purchasing an additional 2,116,845 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Absci by 2,955.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock worth $7,526,000 after purchasing an additional 2,085,501 shares in the last quarter. 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.