Absci (NASDAQ:ABSI) Shares Down 7.5% – Should You Sell?

Shares of Absci Corporation (NASDAQ:ABSI) fell 7.5% during mid-day trading on Wednesday . The company traded as low as $10.44 and last traded at $10.4850. Approximately 1,754,754 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 4,772,078 shares. The stock had previously closed at $11.33.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ABSI shares. Guggenheim raised their price target on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. BTIG Research upped their price objective on Absci from $9.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Truist Financial increased their target price on Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Morgan Stanley restated a “positive” rating and set a $10.00 target price on shares of Absci in a report on Thursday, June 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 target price (up from $7.00) on shares of Absci in a research report on Wednesday, June 24th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Absci has an average rating of “Moderate Buy” and a consensus price target of $13.43.

Absci Stock Performance

The firm’s 50-day simple moving average is $7.04 and its 200 day simple moving average is $4.45. The stock has a market capitalization of $1.65 billion, a P/E ratio of -12.75 and a beta of 2.32.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. The company had revenue of $0.21 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, research analysts expect that Absci Corporation will post -0.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased its position in shares of Absci by 279.4% during the 1st quarter. AQR Capital Management LLC now owns 55,538 shares of the company’s stock worth $139,000 after purchasing an additional 40,901 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Absci by 17.5% during the first quarter. Goldman Sachs Group Inc. now owns 314,858 shares of the company’s stock worth $790,000 after buying an additional 46,975 shares during the last quarter. Woodline Partners LP raised its position in Absci by 32.9% during the first quarter. Woodline Partners LP now owns 1,391,245 shares of the company’s stock worth $3,492,000 after acquiring an additional 344,270 shares in the last quarter. Geode Capital Management LLC raised its position in Absci by 22.5% during the second quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock worth $6,286,000 after acquiring an additional 448,984 shares in the last quarter. Finally, Creative Planning lifted its stake in Absci by 145.4% in the second quarter. Creative Planning now owns 46,882 shares of the company’s stock valued at $120,000 after acquiring an additional 27,775 shares during the last quarter. 52.05% of the stock is owned by institutional investors and hedge funds.

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.