HC Wainwright Reaffirms “Buy” Rating for Absci (NASDAQ:ABSI)

HC Wainwright reiterated their buy rating on shares of Absci (NASDAQ:ABSI) in a research report report published on Thursday, Benzinga reports. HC Wainwright currently has a $7.00 price objective on the stock.

A number of other research analysts have also recently commented on the stock. Morgan Stanley began coverage on shares of Absci in a research report on Wednesday, July 3rd. They set an overweight rating and a $7.00 price target on the stock. KeyCorp reduced their target price on shares of Absci from $8.00 to $6.00 and set an overweight rating on the stock in a report on Thursday, July 11th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of Buy and an average target price of $8.40.

Absci Price Performance

Shares of NASDAQ:ABSI opened at $4.01 on Thursday. Absci has a one year low of $1.11 and a one year high of $6.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.19 and a quick ratio of 7.19. The firm has a market capitalization of $453.47 million, a price-to-earnings ratio of -3.46 and a beta of 2.21. The company’s fifty day moving average price is $3.78 and its 200-day moving average price is $4.51.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The firm had revenue of $1.27 million for the quarter, compared to the consensus estimate of $2.05 million. Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. During the same period last year, the firm earned ($0.27) EPS. On average, equities research analysts anticipate that Absci will post -0.8 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of Absci stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total value of $13,640,000.00. Following the transaction, the insider now directly owns 11,279,522 shares of the company’s stock, valued at $49,629,896.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Absci news, CFO Zachariah Jonasson sold 19,859 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $4.98, for a total value of $98,897.82. Following the completion of the sale, the chief financial officer now owns 384,751 shares in the company, valued at approximately $1,916,059.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total value of $13,640,000.00. Following the transaction, the insider now directly owns 11,279,522 shares in the company, valued at $49,629,896.80. The disclosure for this sale can be found here. Insiders own 9.81% of the company’s stock.

Hedge Funds Weigh In On Absci

Institutional investors have recently bought and sold shares of the stock. Comerica Bank bought a new position in shares of Absci in the 1st quarter worth approximately $31,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Absci during the fourth quarter valued at $42,000. Beacon Pointe Advisors LLC purchased a new position in Absci in the 4th quarter worth about $42,000. SG Americas Securities LLC bought a new position in Absci during the 1st quarter valued at about $63,000. Finally, Jump Financial LLC purchased a new stake in shares of Absci during the 4th quarter valued at about $67,000. 52.05% of the stock is owned by institutional investors.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.