Absci Corporation (NASDAQ:ABSI) Given Average Recommendation of “Moderate Buy” by Analysts

Absci Corporation (NASDAQ:ABSI) has been given an average rating of “Moderate Buy” by the seven research firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $7.9780.

ABSI has been the subject of several research analyst reports. Needham & Company LLC reduced their price objective on Absci from $9.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, August 13th. Wall Street Zen lowered shares of Absci from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Morgan Stanley lowered their price objective on shares of Absci from $6.40 to $5.89 and set an “overweight” rating on the stock in a research report on Monday, August 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. assumed coverage on Absci in a report on Thursday, October 2nd. They set an “overweight” rating on the stock.

Insider Transactions at Absci

In other Absci news, CAO Todd Bedrick purchased 10,000 shares of Absci stock in a transaction dated Monday, September 22nd. The stock was purchased at an average price of $2.70 per share, with a total value of $27,000.00. Following the transaction, the chief accounting officer directly owned 180,428 shares of the company’s stock, valued at $487,155.60. This trade represents a 5.87% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Menelas N. Pangalos acquired 95,785 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The stock was acquired at an average cost of $2.66 per share, for a total transaction of $254,788.10. Following the acquisition, the director owned 113,960 shares of the company’s stock, valued at $303,133.60. The trade was a 527.02% increase in their position. The disclosure for this purchase is available in the SEC filing. 10.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Pier 88 Investment Partners LLC raised its stake in shares of Absci by 43.8% in the first quarter. Pier 88 Investment Partners LLC now owns 303,670 shares of the company’s stock worth $762,000 after buying an additional 92,460 shares during the period. ARK Investment Management LLC grew its stake in shares of Absci by 32.5% during the 1st quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock valued at $27,497,000 after acquiring an additional 2,689,153 shares during the period. Nuveen LLC purchased a new stake in Absci in the 1st quarter worth approximately $1,251,000. Massachusetts Financial Services Co. MA bought a new stake in Absci during the 1st quarter worth approximately $5,792,000. Finally, Nikko Asset Management Americas Inc. raised its stake in Absci by 30.6% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,493,865 shares of the company’s stock worth $3,735,000 after acquiring an additional 350,036 shares during the period. 52.05% of the stock is currently owned by institutional investors.

Absci Stock Down 1.4%

Shares of ABSI opened at $3.40 on Thursday. Absci has a twelve month low of $2.01 and a twelve month high of $6.33. The company has a market capitalization of $508.37 million, a P/E ratio of -3.62 and a beta of 2.11. The firm has a 50 day moving average of $3.48 and a 200 day moving average of $3.05.

Absci (NASDAQ:ABSI) last issued its earnings results on Wednesday, November 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. The business had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $1.58 million. On average, sell-side analysts expect that Absci will post -0.89 EPS for the current year.

About Absci

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.