Scotiabank Reaffirms “Outperform” Rating for Absci (NASDAQ:ABSI)

Scotiabank reiterated their outperform rating on shares of Absci (NASDAQ:ABSI) in a research note published on Monday, Stock Target Advisor reports. Scotiabank currently has a $13.00 price target on the stock.

ABSI has been the topic of a number of other research reports. KeyCorp raised their price objective on Absci from $5.00 to $8.00 and gave the company an overweight rating in a report on Monday, March 4th. Truist Financial reiterated a buy rating and set a $9.00 price target on shares of Absci in a report on Wednesday, March 6th. Finally, HC Wainwright reiterated a buy rating and set a $7.00 price target on shares of Absci in a report on Friday, March 22nd.

Absci Trading Up 6.3 %

Shares of ABSI stock opened at $5.54 on Monday. The stock’s fifty day moving average is $4.63 and its two-hundred day moving average is $2.98. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.08 and a current ratio of 4.08. The firm has a market capitalization of $624.86 million, a P/E ratio of -4.62 and a beta of 2.35. Absci has a fifty-two week low of $1.11 and a fifty-two week high of $6.40.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Thursday, March 21st. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The firm had revenue of $0.34 million during the quarter, compared to analysts’ expectations of $1.75 million. Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. Research analysts expect that Absci will post -0.78 earnings per share for the current fiscal year.

Insider Transactions at Absci

In other Absci news, Director Redmile Group, Llc acquired 222,222 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average cost of $4.50 per share, with a total value of $999,999.00. Following the transaction, the director now owns 8,253,316 shares of the company’s stock, valued at $37,139,922. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 11.58% of the company’s stock.

Institutional Trading of Absci

A number of hedge funds and other institutional investors have recently modified their holdings of ABSI. Vanguard Group Inc. increased its position in shares of Absci by 178.4% during the 1st quarter. Vanguard Group Inc. now owns 3,424,005 shares of the company’s stock worth $28,864,000 after purchasing an additional 2,194,034 shares during the last quarter. BlackRock Inc. grew its position in Absci by 150.2% in the 1st quarter. BlackRock Inc. now owns 3,146,687 shares of the company’s stock valued at $26,526,000 after acquiring an additional 1,889,129 shares in the last quarter. State Street Corp grew its position in Absci by 200.0% in the 1st quarter. State Street Corp now owns 720,789 shares of the company’s stock valued at $6,076,000 after acquiring an additional 480,506 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Absci in the 3rd quarter valued at about $546,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in Absci in the 1st quarter valued at about $632,000. 52.05% of the stock is owned by institutional investors and hedge funds.

About Absci

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.