Truist Financial reissued their buy rating on shares of Absci (NASDAQ:ABSI – Free Report) in a report released on Tuesday, Benzinga reports. Truist Financial currently has a $9.00 price objective on the stock.
Several other brokerages have also weighed in on ABSI. KeyCorp lifted their price objective on Absci from $5.00 to $8.00 and gave the stock an overweight rating in a report on Monday, March 4th. HC Wainwright reissued a buy rating and set a $7.00 price objective on shares of Absci in a report on Friday, March 22nd. Finally, Scotiabank reissued an outperform rating and set a $13.00 price objective on shares of Absci in a report on Monday, March 25th.
Check Out Our Latest Research Report on ABSI
Absci Stock Up 2.5 %
Absci (NASDAQ:ABSI – Get Free Report) last released its earnings results on Thursday, March 21st. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The business had revenue of $0.34 million during the quarter, compared to analyst estimates of $1.75 million. Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. As a group, research analysts predict that Absci will post -0.75 EPS for the current year.
Insider Buying and Selling
In related news, Director Redmile Group, Llc bought 222,222 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was acquired at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the transaction, the director now directly owns 8,253,316 shares of the company’s stock, valued at $37,139,922. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.58% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Absci
Several hedge funds and other institutional investors have recently modified their holdings of ABSI. Ameritas Investment Partners Inc. raised its position in Absci by 305.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 4,312 shares of the company’s stock valued at $36,000 after purchasing an additional 3,248 shares during the last quarter. Metropolitan Life Insurance Co NY bought a new position in Absci in the 1st quarter valued at $33,000. Royal Bank of Canada raised its position in Absci by 91.4% in the 1st quarter. Royal Bank of Canada now owns 8,916 shares of the company’s stock valued at $75,000 after purchasing an additional 4,258 shares during the last quarter. Principal Financial Group Inc. raised its position in Absci by 36.5% in the 4th quarter. Principal Financial Group Inc. now owns 22,108 shares of the company’s stock valued at $46,000 after purchasing an additional 5,906 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Absci by 8.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 93,203 shares of the company’s stock valued at $142,000 after purchasing an additional 7,376 shares during the last quarter. Institutional investors own 52.05% of the company’s stock.
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.
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