Absci Corporation (NASDAQ:ABSI) Receives $13.43 Average PT from Analysts

Absci Corporation (NASDAQ:ABSI) has been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $13.4286.

Several brokerages have commented on ABSI. BTIG Research upped their price objective on shares of Absci from $9.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Guggenheim increased their target price on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research report on Friday, July 17th. Leerink Partners initiated coverage on Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective for the company. Finally, Morgan Stanley reissued a “positive” rating and set a $10.00 price target on shares of Absci in a research report on Thursday, June 25th.

Absci Stock Performance

Shares of ABSI stock opened at $7.56 on Tuesday. Absci has a fifty-two week low of $2.24 and a fifty-two week high of $12.06. The firm has a market cap of $1.18 billion, a P/E ratio of -9.11 and a beta of 2.32. The business’s 50 day moving average price is $8.10 and its 200-day moving average price is $5.00.

Absci (NASDAQ:ABSI) last announced its earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $1.39 million. As a group, equities analysts predict that Absci will post -0.71 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HB Wealth Management LLC raised its stake in Absci by 28.4% during the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock valued at $39,000 after buying an additional 2,862 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Absci by 45.9% during the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after acquiring an additional 3,678 shares in the last quarter. Deutsche Bank AG raised its position in shares of Absci by 5.6% in the 4th quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock worth $322,000 after purchasing an additional 4,892 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Absci by 91.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after purchasing an additional 5,385 shares in the last quarter. Finally, Invesco Ltd. grew its position in Absci by 14.3% during the 4th quarter. Invesco Ltd. now owns 54,550 shares of the company’s stock valued at $190,000 after purchasing an additional 6,826 shares during the last quarter. Institutional investors own 52.05% of the company’s stock.

About Absci

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.