Absci (NASDAQ:ABSI) Trading 10.8% Higher – What’s Next?

Absci Corporation (NASDAQ:ABSI)’s stock price traded up 10.8% on Thursday . The stock traded as high as $3.57 and last traded at $3.6460. 3,168,497 shares changed hands during trading, a decline of 35% from the average session volume of 4,838,856 shares. The stock had previously closed at $3.29.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ABSI shares. Morgan Stanley dropped their target price on Absci from $6.40 to $5.89 and set an “overweight” rating on the stock in a report on Monday, August 18th. Needham & Company LLC lowered their price objective on shares of Absci from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Wall Street Zen downgraded shares of Absci from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Absci in a report on Thursday, October 2nd. They set an “overweight” rating on the stock. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.78.

Absci Price Performance

The stock has a market cap of $538.32 million, a price-to-earnings ratio of -3.98 and a beta of 2.13. The business has a fifty day moving average of $3.64 and a 200 day moving average of $3.06.

Absci (NASDAQ:ABSI) last posted its earnings results on Wednesday, November 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $0.38 million during the quarter, compared to the consensus estimate of $1.58 million. Absci had a negative return on equity of 60.19% and a negative net margin of 4,071.19%. On average, analysts expect that Absci Corporation will post -0.89 EPS for the current year.

Insider Buying and Selling at Absci

In related news, Director Menelas N. Pangalos acquired 95,785 shares of the stock in a transaction dated Monday, September 22nd. The shares were acquired at an average price of $2.66 per share, with a total value of $254,788.10. Following the acquisition, the director owned 113,960 shares in the company, valued at approximately $303,133.60. The trade was a 527.02% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Todd Bedrick acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was bought at an average cost of $2.70 per share, for a total transaction of $27,000.00. Following the completion of the purchase, the chief accounting officer directly owned 180,428 shares in the company, valued at $487,155.60. This represents a 5.87% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Absci

Institutional investors have recently modified their holdings of the company. Quarry LP acquired a new stake in shares of Absci in the third quarter worth $26,000. Scientech Research LLC acquired a new position in Absci during the 3rd quarter worth $31,000. HB Wealth Management LLC acquired a new position in Absci during the 3rd quarter worth $31,000. Principal Financial Group Inc. bought a new stake in Absci during the third quarter valued at about $31,000. Finally, Neuberger Berman Group LLC acquired a new stake in shares of Absci in the first quarter valued at about $26,000. 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.