Absci (NASDAQ:ABSI) Stock Price Down 4.4% – Here’s What Happened

Absci Corporation (NASDAQ:ABSI)’s stock price traded down 4.4% on Friday . The stock traded as low as $8.93 and last traded at $9.0470. Approximately 314,958 shares were traded during trading, a decline of 93% from the average daily volume of 4,496,032 shares. The stock had previously closed at $9.46.

Analyst Ratings Changes

Several research analysts have recently issued reports on ABSI shares. Wall Street Zen lowered shares of Absci from a “hold” rating to a “sell” rating in a research note on Sunday, July 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. Leerink Partners started coverage on shares of Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective on the stock. Guggenheim raised their price objective on shares of Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Finally, Morgan Stanley reaffirmed a “positive” rating and issued a $10.00 price objective on shares of Absci in a research note on Thursday, June 25th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $13.43.

Absci Stock Down 5.0%

The stock has a market cap of $1.54 billion, a P/E ratio of -11.17 and a beta of 2.35. The stock has a fifty day simple moving average of $8.79 and a 200-day simple moving average of $5.47.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 66.21%. Sell-side analysts anticipate that Absci Corporation will post -0.71 earnings per share for the current year.

Institutional Investors Weigh In On Absci

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