Absci (NASDAQ:ABSI) Stock Price Down 7.6% – Should You Sell?

Shares of Absci Corporation (NASDAQ:ABSI) dropped 7.6% during mid-day trading on Thursday . The stock traded as low as $8.91 and last traded at $9.0180. Approximately 696,536 shares were traded during mid-day trading, a decline of 85% from the average session volume of 4,741,625 shares. The stock had previously closed at $9.76.

Wall Street Analyst Weigh In

A number of research firms have commented on ABSI. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Monday, April 20th. HC Wainwright upped their price target on Absci from $8.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, June 25th. BTIG Research lifted their price objective on Absci from $9.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Truist Financial boosted their target price on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Finally, Wall Street Zen cut shares of Absci from a “hold” rating to a “sell” rating in a research note on Sunday. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.43.

Absci Stock Down 12.9%

The stock has a market cap of $1.33 billion, a P/E ratio of -10.25 and a beta of 2.32. The firm has a 50 day moving average price of $7.69 and a 200 day moving average price of $4.75.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. The business had revenue of $0.21 million for the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. Equities analysts predict that Absci Corporation will post -0.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

Institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new position in shares of Absci in the third quarter valued at about $26,000. Essential Partners LLC lifted its holdings in Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after purchasing an additional 9,108 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Absci by 91.2% in 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 period. Legal & General Group Plc boosted its stake in Absci by 45.9% in 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 period. Finally, Principal Financial Group Inc. purchased a new stake in Absci during the 1st quarter valued at approximately $31,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

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.