Absci Corporation (NASDAQ:ABSI) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Absci Corporation (NASDAQ:ABSI) have been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $7.58.

ABSI has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Truist Financial raised their price target on shares of Absci from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday. Finally, Needham & Company LLC restated a “buy” rating and issued a $7.00 price objective on shares of Absci in a research report on Wednesday, March 25th.

Absci Stock Performance

Absci stock opened at $5.78 on Thursday. The business’s fifty day moving average is $3.41 and its two-hundred day moving average is $3.33. The firm has a market cap of $901.10 million, a P/E ratio of -6.96 and a beta of 2.36. Absci has a 52 week low of $2.24 and a 52 week high of $6.72.

Absci (NASDAQ:ABSI) last announced its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $0.22 million during the quarter, compared to analyst estimates of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. On average, equities research analysts predict that Absci will post -0.83 earnings per share for the current year.

Insider Activity at Absci

In other news, insider Andreas Busch bought 100,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was bought at an average price of $2.29 per share, for a total transaction of $229,000.00. Following the completion of the transaction, the insider directly owned 421,446 shares in the company, valued at $965,111.34. The trade was a 31.11% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in shares of Absci during the 3rd quarter worth approximately $26,000. BNP Paribas Financial Markets lifted its holdings in Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after buying an additional 5,385 shares during the period. Legal & General Group Plc boosted its stake in Absci by 45.9% in 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 during the last quarter. HB Wealth Management LLC acquired a new stake in Absci during the 3rd quarter worth $31,000. Finally, Principal Financial Group Inc. acquired a new stake in Absci during the 3rd quarter worth $31,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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.