Absci (NASDAQ:ABSI) Trading Down 7.5% – Here’s What Happened

Absci Corporation (NASDAQ:ABSI)’s stock price was down 7.5% during mid-day trading on Wednesday . The company traded as low as $10.44 and last traded at $10.4850. Approximately 1,754,754 shares changed hands during trading, a decline of 63% from the average session volume of 4,772,078 shares. The stock had previously closed at $11.33.

Analysts Set New Price Targets

ABSI has been the topic of a number of recent analyst reports. Truist Financial raised their target price on shares of Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. BTIG Research increased their price objective on shares of Absci from $9.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. HC Wainwright raised their price objective on shares of Absci from $8.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Guggenheim lifted their target price on shares of Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a report on Monday, April 20th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.43.

Absci Stock Performance

The stock has a fifty day moving average of $7.29 and a 200 day moving average of $4.56. The company has a market capitalization of $1.65 billion, a PE ratio of -12.74 and a beta of 2.32.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results 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 business had revenue of $0.21 million during the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. As a group, equities analysts predict that Absci Corporation will post -0.71 EPS for the current year.

Institutional Trading of Absci

Hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new position in shares of Absci during the third quarter valued at about $26,000. Essential Partners LLC lifted its position in shares of Absci by 113,850.0% in the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after buying an additional 9,108 shares in the last quarter. Scientech Research LLC purchased a new stake in shares of Absci in the third quarter worth about $31,000. Principal Financial Group Inc. bought a new position in Absci during the first quarter valued at approximately $31,000. Finally, Xponance LLC purchased a new position in Absci during the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

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.