Absci (NASDAQ:ABSI) Shares Up 9.4% – Here’s What Happened

Absci Corporation (NASDAQ:ABSI) was up 9.4% on Monday . The stock traded as high as $8.09 and last traded at $8.11. Approximately 2,276,643 shares changed hands during trading, a decline of 47% from the average session volume of 4,258,963 shares. The stock had previously closed at $7.41.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ABSI. BTIG Research assumed coverage on Absci in a research report on Thursday, May 28th. They set a “buy” rating and a $9.00 price objective on the stock. Truist Financial increased their target price on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Needham & Company LLC restated a “buy” rating and set a $7.00 price target on shares of Absci in a report on Wednesday, March 25th. Finally, Morgan Stanley set a $4.10 price objective on Absci in a research note on Thursday, May 14th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.44.

Absci Stock Up 13.2%

The stock has a market cap of $1.31 billion, a P/E ratio of -10.12 and a beta of 2.44. The company’s 50 day moving average price is $5.33 and its 200-day moving average price is $3.86.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.01. The company had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. Equities research analysts anticipate that Absci Corporation will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new position in shares of Absci in the third quarter worth approximately $26,000. Essential Partners LLC increased its position in Absci by 113,850.0% during the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after purchasing an additional 9,108 shares during the period. BNP Paribas Financial Markets raised its holdings in Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after purchasing an additional 5,385 shares during the last quarter. Legal & General Group Plc raised its holdings in Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after purchasing an additional 3,678 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new position in shares of Absci in the 1st quarter worth approximately $31,000. 52.05% of the stock is currently owned by institutional investors.

Absci Company Profile

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.