Absci Corporation (NASDAQ:ABSI) Receives $7.08 Average Target Price from Brokerages

Shares of Absci Corporation (NASDAQ:ABSI) have been assigned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $7.08.

A number of brokerages have recently issued reports on ABSI. Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Wednesday, March 25th. HC Wainwright upped their target price on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Morgan Stanley lowered shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 target price on the stock. in a research note on Thursday, January 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Wednesday, January 21st.

Insider Activity

In related news, CEO Sean Mcclain sold 26,761 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $2.99, for a total transaction of $80,015.39. Following the sale, the chief executive officer owned 8,334,567 shares in the company, valued at $24,920,355.33. This represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andreas Busch acquired 100,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $2.29 per share, for a total transaction of $229,000.00. Following the purchase, the insider owned 421,446 shares of the company’s stock, valued at $965,111.34. This trade represents a 31.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 10.49% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Absci

Several institutional investors and hedge funds have recently bought and sold shares of ABSI. State Street Corp raised its stake in Absci by 190.1% during the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after acquiring an additional 3,925,926 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in Absci during the fourth quarter worth about $8,201,000. Baker BROS. Advisors LP acquired a new stake in Absci during the fourth quarter worth about $7,450,000. ARK Investment Management LLC raised its stake in Absci by 21.1% during the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock worth $36,975,000 after acquiring an additional 2,116,845 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in Absci by 2,955.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock worth $7,526,000 after purchasing an additional 2,085,501 shares during the last quarter. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Stock Performance

Shares of Absci stock opened at $3.15 on Friday. The firm has a market cap of $482.01 million, a PE ratio of -3.71 and a beta of 2.00. The firm’s 50-day simple moving average is $2.77 and its 200-day simple moving average is $3.25. Absci has a 1 year low of $2.24 and a 1 year high of $5.23.

Absci (NASDAQ:ABSI) last issued its earnings results on Tuesday, March 24th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.07). The company had revenue of $0.65 million during the quarter, compared to analyst estimates of $1.38 million. Absci had a negative net margin of 4,113.68% and a negative return on equity of 62.33%. On average, equities analysts predict that Absci will post -0.89 earnings per share for the current year.

Absci Company Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.