Absci (NASDAQ:ABSI) Stock Falls 9.8% – Time to Sell?

Shares of Absci Corporation (NASDAQ:ABSI) were down 9.8% on Tuesday. The stock traded as low as $9.87 and last traded at $9.7450. 2,290,562 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 4,299,767 shares. The stock had previously closed at $10.80.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Guggenheim reissued a “buy” rating on shares of Absci in a report on Monday, September 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a report on Thursday, October 15th. KeyCorp raised their target price on Absci from $16.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, October 16th. Lifesci Capital started coverage on Absci in a research note on Wednesday, September 9th. They set an “outperform” rating for the company. Finally, Wall Street Zen raised Absci from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

Absci Price Performance

The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -12.33 and a beta of 2.22. The business has a 50 day simple moving average of $9.61 and a 200-day simple moving average of $6.68.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.32 million during the quarter, compared to analyst estimates of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. As a group, equities analysts predict that Absci Corporation will post -0.76 earnings per share for the current year.

Institutional Investors Weigh In On Absci

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Absci in the 2nd quarter worth $141,112,000. Siren L.L.C. purchased a new stake in shares of Absci during the first quarter valued at approximately $5,400,000. Parkman Healthcare Partners LLC purchased a new position in Absci in the second quarter worth $10,366,000. Bank of America Corp DE bought a new position in Absci in the 2nd quarter valued at $6,560,000. Finally, Artia Global Partners LP purchased a new position in shares of Absci in the 2nd quarter worth about $5,383,000. Institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation is a biotechnology company that uses artificial intelligence and laboratory research to discover and develop biologic drugs. Its platform combines generative AI with experimental testing to design and evaluate potential drug candidates, including antibodies and other protein-based medicines. The company also works with pharmaceutical and biotechnology partners on drug discovery programs and advances its own pipeline of potential therapies. Its approach is intended to connect computational design with laboratory validation, helping assess whether designed molecules have useful properties.