Absci (NASDAQ:ABSI) Now Covered by Morgan Stanley

Morgan Stanley initiated coverage on shares of Absci (NASDAQ:ABSI) in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm set an “overweight” rating and a $7.00 price target on the stock. Morgan Stanley’s price objective would indicate a potential upside of 120.13% from the stock’s previous close.

Other analysts also recently issued reports about the company. Scotiabank restated an “outperform” rating and issued a $13.00 price objective on shares of Absci in a research report on Monday, March 25th. Truist Financial reaffirmed a “buy” rating and set a $9.00 price target on shares of Absci in a research note on Tuesday, March 26th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Absci in a research report on Wednesday, May 15th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.80.

Absci Stock Performance

NASDAQ:ABSI opened at $3.18 on Wednesday. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $359.59 million, a P/E ratio of -2.74 and a beta of 2.20. The firm has a 50-day moving average price of $4.21 and a two-hundred day moving average price of $4.46. Absci has a twelve month low of $1.11 and a twelve month high of $6.72.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. The business had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.50 million. During the same period last year, the business earned ($0.26) earnings per share. As a group, research analysts expect that Absci will post -0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total value of $13,640,000.00. Following the completion of the sale, the insider now directly owns 11,279,522 shares in the company, valued at $49,629,896.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $4.40, for a total value of $13,640,000.00. Following the transaction, the insider now directly owns 11,279,522 shares of the company’s stock, valued at approximately $49,629,896.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Zachariah Jonasson sold 19,859 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $4.98, for a total value of $98,897.82. Following the sale, the chief financial officer now directly owns 384,751 shares of the company’s stock, valued at approximately $1,916,059.98. The disclosure for this sale can be found here. 9.81% of the stock is owned by corporate insiders.

Institutional Trading of Absci

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Redmile Group LLC raised its position in Absci by 2.8% in the first quarter. Redmile Group LLC now owns 8,253,316 shares of the company’s stock valued at $46,879,000 after purchasing an additional 222,222 shares during the period. Vanguard Group Inc. raised its holdings in shares of Absci by 33.7% during the 1st quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock valued at $19,569,000 after buying an additional 869,131 shares during the period. Affinity Asset Advisors LLC acquired a new position in Absci during the 1st quarter worth approximately $5,822,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Absci in the 1st quarter worth approximately $2,390,000. Finally, Nikko Asset Management Americas Inc. acquired a new stake in Absci in the first quarter valued at approximately $2,386,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.