Absci (NASDAQ:ABSI) Trading Down 9.1% – Here’s Why

Absci Corporation (NASDAQ:ABSI)’s share price traded down 9.1% during mid-day trading on Tuesday . The stock traded as low as $4.67 and last traded at $4.4990. 400,318 shares traded hands during trading, a decline of 90% from the average session volume of 4,061,243 shares. The stock had previously closed at $4.95.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ABSI. Morgan Stanley set a $4.10 target price on Absci in a research report on Thursday. Truist Financial boosted their price target on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, May 8th. Needham & Company LLC restated 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 reaffirmed a “sell (d-)” rating on shares of Absci in a report on Monday, April 20th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Absci presently has a consensus rating of “Moderate Buy” and an average target price of $7.53.

Absci Price Performance

The stock has a fifty day moving average price of $3.67 and a two-hundred day moving average price of $3.36. The company has a market cap of $739.77 million, a P/E ratio of -5.73 and a beta of 2.36.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The business had revenue of $0.22 million during 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%. As a group, analysts forecast that Absci Corporation will post -0.77 earnings per share for the current year.

Insider Activity

In other news, insider Andreas Busch acquired 100,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were bought at an average price of $2.29 per share, with a total value of $229,000.00. Following the purchase, the insider owned 421,446 shares of the company’s stock, valued at approximately $965,111.34. This represents a 31.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. HB Wealth Management LLC increased its position in shares of Absci by 28.4% in the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock worth $39,000 after acquiring an additional 2,862 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Absci by 41.9% in the 3rd quarter. Jones Financial Companies Lllp now owns 12,317 shares of the company’s stock valued at $37,000 after purchasing an additional 3,638 shares during the period. Legal & General Group Plc boosted its holdings in shares of Absci by 45.9% during the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after purchasing an additional 3,678 shares during the period. SG Americas Securities LLC grew its position in Absci by 20.7% during the third quarter. SG Americas Securities LLC now owns 21,882 shares of the company’s stock valued at $67,000 after purchasing an additional 3,758 shares in the last quarter. Finally, Deutsche Bank AG grew its position in Absci by 5.6% during the fourth quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock valued at $322,000 after purchasing an additional 4,892 shares in the last quarter. Institutional investors own 52.05% of the company’s stock.

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.