Absci Corporation (NASDAQ:ABSI) Receives Consensus Recommendation of “Buy” from Brokerages

Absci Corporation (NASDAQ:ABSI) has been assigned a consensus rating of “Buy” from the five brokerages that are currently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $8.28.

A number of equities analysts have recently weighed in on the stock. Morgan Stanley lowered their price target on shares of Absci from $7.00 to $6.40 and set an “overweight” rating on the stock in a research note on Monday, July 28th. Wall Street Zen upgraded shares of Absci from a “sell” rating to a “hold” rating in a research report on Saturday. KeyCorp boosted their price target on Absci from $5.00 to $9.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Absci in a research note on Wednesday, May 14th.

Absci Trading Up 3.1%

NASDAQ ABSI opened at $2.99 on Tuesday. The stock has a market capitalization of $381.40 million, a price-to-earnings ratio of -3.25 and a beta of 2.02. The business’s 50 day moving average is $2.85 and its two-hundred day moving average is $3.20. Absci has a 12-month low of $2.01 and a 12-month high of $6.33.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.02. The firm had revenue of $1.18 million for the quarter, compared to the consensus estimate of $1.07 million. Absci had a negative return on equity of 53.69% and a negative net margin of 2,232.13%. Equities analysts forecast that Absci will post -0.89 earnings per share for the current fiscal year.

Insider Activity at Absci

In other Absci news, insider Andreas Busch acquired 50,000 shares of the company’s stock in a transaction dated Monday, July 28th. The stock was acquired at an average cost of $3.04 per share, with a total value of $152,000.00. Following the purchase, the insider directly owned 327,264 shares in the company, valued at approximately $994,882.56. This trade represents a 18.03% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 10.49% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Absci

Large investors have recently bought and sold shares of the stock. Pier 88 Investment Partners LLC boosted its stake in shares of Absci by 43.8% during the first quarter. Pier 88 Investment Partners LLC now owns 303,670 shares of the company’s stock valued at $762,000 after acquiring an additional 92,460 shares during the last quarter. ARK Investment Management LLC lifted its holdings in Absci by 32.5% in the 1st quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock valued at $27,497,000 after purchasing an additional 2,689,153 shares in the last quarter. Two Sigma Investments LP boosted its stake in shares of Absci by 97.2% during the 4th quarter. Two Sigma Investments LP now owns 899,648 shares of the company’s stock worth $2,357,000 after purchasing an additional 443,410 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Absci during the first quarter worth about $5,792,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Absci during the fourth quarter worth about $508,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.