Absci (NASDAQ:ABSI) Sets New 1-Year High – What’s Next?

Absci Corporation (NASDAQ:ABSI) reached a new 52-week high on Thursday. The company traded as high as $12.54 and last traded at $12.3770, with a volume of 653,749 shares. The stock had previously closed at $11.88.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ABSI shares. KeyCorp upped their price objective on Absci from $16.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, October 16th. Guggenheim reiterated a “buy” rating on shares of Absci in a research report on Monday, September 28th. JPMorgan Chase & Co. increased their target price on shares of Absci from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Absci in a research note on Wednesday, September 23rd. Finally, Truist Financial increased their price target on shares of Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Eleven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

Absci Price Performance

The company has a market capitalization of $2.11 billion, a P/E ratio of -15.38 and a beta of 2.27. The business’s 50-day moving average price is $9.43 and its two-hundred day moving average price is $6.39.

Absci (NASDAQ:ABSI) last issued 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). The company had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. Research analysts expect that Absci Corporation will post -0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

Large investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC bought a new position in shares of Absci in the second quarter valued at $53,000. Sterling Capital Management LLC raised its position in Absci by 433.7% during the third quarter. Sterling Capital Management LLC now owns 4,622 shares of the company’s stock worth $50,000 after acquiring an additional 3,756 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Absci in the 3rd quarter valued at about $94,000. Essential Partners LLC increased its position in Absci by 113,850.0% during the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after buying an additional 9,108 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in Absci during the 1st quarter valued at $31,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

About Absci

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company’s technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.