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

Absci Corporation (NASDAQ:ABSI) has been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $13.4286.

Several research analysts recently weighed in on ABSI shares. Truist Financial boosted their price objective on shares of Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Leerink Partners assumed coverage on Absci in a research report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective on the stock. BTIG Research lifted their target price on Absci from $9.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. HC Wainwright boosted their target price on Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Finally, Guggenheim upped their price target on Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 15th.

Absci Price Performance

Shares of ABSI stock opened at $8.16 on Tuesday. The stock’s fifty day simple moving average is $7.83 and its 200 day simple moving average is $4.85. Absci has a one year low of $2.24 and a one year high of $12.06. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -9.83 and a beta of 2.32.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.01. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. The firm had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $1.39 million. On average, research analysts anticipate that Absci will post -0.71 earnings per share for the current year.

Institutional Investors Weigh In On Absci

Several large investors have recently modified their holdings of the business. ARK Investment Management LLC boosted its stake in shares of Absci by 3.2% during the 4th quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock worth $43,802,000 after buying an additional 388,026 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Absci by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after purchasing an additional 830,336 shares during the last quarter. State Street Corp grew its holdings in shares of Absci by 190.1% during the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after purchasing an additional 3,925,926 shares during the last quarter. Geode Capital Management LLC increased its position in Absci by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock valued at $11,309,000 after purchasing an additional 186,708 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Absci by 24.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock worth $9,701,000 after buying an additional 625,451 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors.

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.