Absci (NASDAQ:ABSI) Stock Price Up 5.6%

Absci Co. (NASDAQ:ABSI)’s share price shot up 5.6% during trading on Wednesday . The company traded as high as $5.57 and last traded at $5.50. 302,341 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 1,554,976 shares. The stock had previously closed at $5.21.

Wall Street Analysts Forecast Growth

ABSI has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Friday, March 22nd. Truist Financial restated a “buy” rating and set a $9.00 price objective on shares of Absci in a report on Tuesday. Scotiabank restated an “outperform” rating and set a $13.00 price objective on shares of Absci in a report on Monday. Finally, KeyCorp boosted 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.

Absci Price Performance

The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.03. The stock has a 50-day simple moving average of $4.67 and a two-hundred day simple moving average of $3.00.

Absci (NASDAQ:ABSI) last issued its earnings results on Thursday, March 21st. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Absci had a negative return on equity of 44.52% and a negative net margin of 1,933.65%. The company had revenue of $0.34 million during the quarter, compared to analysts’ expectations of $1.75 million. Research analysts expect that Absci Co. will post -0.75 earnings per share for the current fiscal year.

Insider Transactions at Absci

In other Absci news, Director Redmile Group, Llc purchased 222,222 shares of the stock in a transaction on Friday, March 1st. The shares were bought at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the transaction, the director now owns 8,253,316 shares of the company’s stock, valued at approximately $37,139,922. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.58% of the company’s stock.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. raised its holdings in shares of Absci by 305.3% during the first quarter. Ameritas Investment Partners Inc. now owns 4,312 shares of the company’s stock valued at $36,000 after acquiring an additional 3,248 shares during the last quarter. Metropolitan Life Insurance Co NY purchased a new position in Absci during the first quarter worth approximately $33,000. Royal Bank of Canada lifted its position in Absci by 91.4% during the first quarter. Royal Bank of Canada now owns 8,916 shares of the company’s stock worth $75,000 after buying an additional 4,258 shares in the last quarter. Principal Financial Group Inc. lifted its position in Absci by 36.5% during the fourth quarter. Principal Financial Group Inc. now owns 22,108 shares of the company’s stock worth $46,000 after buying an additional 5,906 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Absci by 8.6% during the second quarter. Goldman Sachs Group Inc. now owns 93,203 shares of the company’s stock worth $142,000 after buying an additional 7,376 shares in the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Company Profile

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.