Absci (NASDAQ:ABSI) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Absci (NASDAQ:ABSI) announced its quarterly earnings data on Wednesday. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01), FiscalAI reports. The firm had revenue of $0.38 million during the quarter, compared to the consensus estimate of $1.58 million. Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%.

Absci Trading Down 1.4%

Shares of Absci stock traded down $0.05 on Wednesday, hitting $3.40. 3,978,242 shares of the company traded hands, compared to its average volume of 4,840,308. Absci has a 12-month low of $2.01 and a 12-month high of $6.33. The company has a market cap of $508.37 million, a P/E ratio of -3.62 and a beta of 2.11. The firm’s 50-day simple moving average is $3.46 and its 200 day simple moving average is $3.05.

Wall Street Analyst Weigh In

A number of analysts recently commented on ABSI shares. JPMorgan Chase & Co. began coverage on shares of Absci in a research note on Thursday, October 2nd. They set an “overweight” rating on the stock. Wall Street Zen cut shares of Absci from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Needham & Company LLC cut their price target on Absci from $9.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Wednesday, October 8th. Finally, Morgan Stanley dropped their price objective on Absci from $6.40 to $5.89 and set an “overweight” rating on the stock in a report on Monday, August 18th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Absci presently has an average rating of “Moderate Buy” and a consensus target price of $7.98.

Insiders Place Their Bets

In other news, CAO Todd Bedrick purchased 10,000 shares of the stock in a transaction on Monday, September 22nd. The shares were acquired at an average price of $2.70 per share, for a total transaction of $27,000.00. Following the completion of the transaction, the chief accounting officer directly owned 180,428 shares of the company’s stock, valued at approximately $487,155.60. This trade represents a 5.87% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Menelas N. Pangalos acquired 95,785 shares of the business’s stock in a transaction dated Monday, September 22nd. The stock was purchased at an average price of $2.66 per share, with a total value 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 disclosure for this purchase is available in the SEC filing. 10.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Absci by 12.9% during the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after purchasing an additional 830,336 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Absci by 22.5% in the 2nd quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock worth $6,286,000 after purchasing an additional 448,984 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Absci by 19.4% in the 2nd quarter. Bank of America Corp DE now owns 1,867,669 shares of the company’s stock worth $4,800,000 after buying an additional 303,918 shares during the last quarter. Woodline Partners LP increased its position in Absci by 32.9% during the 1st quarter. Woodline Partners LP now owns 1,391,245 shares of the company’s stock valued at $3,492,000 after buying an additional 344,270 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Absci during the 2nd quarter valued at approximately $1,575,000. 52.05% of the stock is currently owned by 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.