Absci (NASDAQ:ABSI) Trading Down 9.1% – What’s Next?

Absci Corporation (NASDAQ:ABSI)’s share price dropped 9.1% during trading on Thursday . The stock traded as low as $3.55 and last traded at $3.6550. Approximately 2,396,006 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 3,221,323 shares. The stock had previously closed at $4.02.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on Absci in a report on Thursday, October 2nd. They set an “overweight” rating on the stock. HC Wainwright raised their target price on Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Wednesday, October 8th. Needham & Company LLC restated a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Friday, December 12th. Finally, Morgan Stanley downgraded shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective for the company. in a report on Thursday. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.66.

Absci Trading Down 2.9%

The stock has a market capitalization of $502.24 million, a P/E ratio of -3.71 and a beta of 2.11. The firm’s fifty day moving average is $3.40 and its 200-day moving average is $3.20.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $0.38 million for the quarter, compared to analyst estimates of $1.58 million. Absci had a negative return on equity of 60.19% and a negative net margin of 4,071.19%. Equities research analysts expect that Absci Corporation will post -0.89 EPS for the current year.

Hedge Funds Weigh In On Absci

Institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC raised its holdings in shares of Absci by 279.4% in the first quarter. AQR Capital Management LLC now owns 55,538 shares of the company’s stock valued at $139,000 after buying an additional 40,901 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Absci by 17.5% during 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 position in Absci by 32.9% in the 1st quarter. Woodline Partners LP now owns 1,391,245 shares of the company’s stock valued at $3,492,000 after acquiring an additional 344,270 shares in the last quarter. DKM Wealth Management Inc. bought a new position in shares of Absci in the second quarter worth about $51,000. Finally, Ethic Inc. acquired a new position in shares of Absci during the second quarter worth approximately $32,000. Institutional investors and hedge funds 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.