Menelas Pangalos Acquires 95,785 Shares of Absci (NASDAQ:ABSI) Stock

Absci Corporation (NASDAQ:ABSI) Director Menelas Pangalos purchased 95,785 shares of the stock in a transaction dated Monday, September 22nd. The stock was purchased at an average price of $2.66 per share, for a total transaction of $254,788.10. Following the completion of the acquisition, the director directly owned 113,960 shares in the company, valued at approximately $303,133.60. This represents a 527.02% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

Absci Stock Up 6.4%

NASDAQ ABSI opened at $2.65 on Friday. Absci Corporation has a 52 week low of $2.01 and a 52 week high of $6.33. The company has a 50 day moving average price of $2.76 and a 200 day moving average price of $2.80. The firm has a market cap of $396.23 million, a PE ratio of -2.82 and a beta of 2.01.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, August 12th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate 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 net margin of 2,737.94% and a negative return on equity of 60.21%. On average, equities research analysts anticipate that Absci Corporation will post -0.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ABSI. Wall Street Zen lowered Absci from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Morgan Stanley cut their price objective 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. Finally, Needham & Company LLC lowered their target price on shares of Absci from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $7.98.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new stake in Absci in the first quarter valued at approximately $26,000. Neuberger Berman Group LLC purchased a new stake in shares of Absci in the 1st quarter valued at $26,000. BNP Paribas Financial Markets acquired a new stake in shares of Absci in the fourth quarter worth $28,000. Banque Transatlantique SA purchased a new position in shares of Absci during the first quarter worth $28,000. Finally, AssuredPartners Investment Advisors LLC purchased a new position in shares of Absci during the first quarter worth $29,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

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.