Absci (NASDAQ:ABSI) Trading 8.5% Higher – Time to Buy?

Absci Corporation (NASDAQ:ABSI) was up 8.5% during mid-day trading on Tuesday . The company traded as high as $9.52 and last traded at $9.5910. Approximately 268,371 shares traded hands during trading, a decline of 94% from the average session volume of 4,419,282 shares. The stock had previously closed at $8.84.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wall Street Zen upgraded Absci from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Guggenheim boosted their price objective on Absci from $10.00 to $15.00 and gave the company a “buy” rating in a report on Monday, June 15th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Absci in a report on Wednesday, August 12th. Truist Financial boosted their price target on shares of Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Finally, Morgan Stanley reiterated a “positive” rating and set a $10.00 target price on shares of Absci in a report on Thursday, June 25th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Absci currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.43.

Absci Price Performance

The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -11.53 and a beta of 2.35. The stock has a 50 day simple moving average of $9.25 and a two-hundred day simple moving average of $5.88.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.32 million for the quarter, compared to analysts’ expectations of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. Equities research analysts predict that Absci Corporation will post -0.74 EPS for the current year.

Institutional Trading of Absci

Several hedge funds have recently modified their holdings of ABSI. BlackRock Inc. acquired a new stake in shares of Absci during the 2nd quarter worth about $141,112,000. State Street Corp raised its position in shares of Absci by 190.1% in the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock valued at $20,908,000 after buying an additional 3,925,926 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in shares of Absci during the fourth quarter valued at approximately $8,201,000. Baker BROS. Advisors LP purchased a new position in shares of Absci during the fourth quarter valued at approximately $7,450,000. Finally, Price T Rowe Associates Inc. MD boosted its position in Absci by 2,955.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock worth $7,526,000 after acquiring an additional 2,085,501 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.