Absci (NASDAQ:ABSI) Shares Gap Up – Here’s What Happened

Absci Corporation (NASDAQ:ABSI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $8.85, but opened at $9.42. Absci shares last traded at $9.6360, with a volume of 812,214 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ABSI shares. Truist Financial upped their price target 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research report on Friday, July 17th. Leerink Partners initiated coverage on Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price target on the stock. HC Wainwright raised their price objective on Absci from $8.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Absci in a report on Wednesday, August 12th. Eight analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $13.43.

Absci Stock Up 8.3%

The company has a market capitalization of $1.64 billion, a PE ratio of -11.97 and a beta of 2.35. The business has a 50 day simple moving average of $8.94 and a 200 day simple moving average of $5.60.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The company had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. Equities analysts expect that Absci Corporation will post -0.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. Quarry LP purchased a new position in Absci in the third quarter valued at $26,000. Essential Partners LLC grew its stake in Absci by 113,850.0% during the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after acquiring an additional 9,108 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after purchasing an additional 5,385 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after acquiring an additional 3,678 shares during the period. Finally, Principal Financial Group Inc. acquired a new position in Absci in the 1st quarter valued at about $31,000. 52.05% of the stock is owned by institutional investors and hedge funds.

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.