Todd Bedrick Acquires 10,000 Shares of Absci (NASDAQ:ABSI) Stock

Absci Corporation (NASDAQ:ABSI) CAO Todd Bedrick purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was purchased at an average price of $2.70 per share, with a total value of $27,000.00. Following the completion of the purchase, the chief accounting officer directly owned 180,428 shares of the company’s stock, valued at approximately $487,155.60. This represents a 5.87% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Absci Stock Performance

NASDAQ:ABSI opened at $2.65 on Friday. The company has a market capitalization of $396.23 million, a price-to-earnings ratio of -2.82 and a beta of 2.01. Absci Corporation has a one year low of $2.01 and a one year high of $6.33. The stock has a 50-day simple moving average of $2.76 and a 200 day simple moving average of $2.80.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The firm had revenue of $0.59 million during the quarter, compared to analyst estimates of $1.39 million. Absci had a negative return on equity of 60.21% and a negative net margin of 2,737.94%. On average, equities research analysts forecast that Absci Corporation will post -0.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ABSI shares. Needham & Company LLC decreased their price target on Absci from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, August 13th. Wall Street Zen downgraded Absci from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Finally, Morgan Stanley cut their target price on shares of Absci from $6.40 to $5.89 and set an “overweight” rating on the stock in a report on Monday, August 18th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $7.98.

Hedge Funds Weigh In On Absci

A number of large investors have recently bought and sold shares of the business. ARK Investment Management LLC lifted its holdings in Absci by 32.5% in the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock worth $27,497,000 after acquiring an additional 2,689,153 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Absci by 22.5% during the second quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock valued at $6,286,000 after buying an additional 448,984 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Absci during the first quarter valued at approximately $5,792,000. Bank of America Corp DE raised its holdings in shares of Absci by 19.4% during the second quarter. Bank of America Corp DE now owns 1,867,669 shares of the company’s stock valued at $4,800,000 after buying an additional 303,918 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Absci by 30.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,493,865 shares of the company’s stock valued at $3,750,000 after buying an additional 350,036 shares during the last quarter. Institutional investors own 52.05% of the company’s stock.

Absci Company Profile

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.