Absci (NASDAQ:ABSI) Shares Down 5.5% – Here’s Why

Absci Corporation (NASDAQ:ABSI) shares were down 5.5% during trading on Tuesday. The company traded as low as $11.41 and last traded at $10.8950. Approximately 464,565 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 4,321,814 shares. The stock had previously closed at $11.53.

Wall Street Analysts Forecast Growth

ABSI has been the subject of a number of research analyst reports. Lifesci Capital assumed coverage on shares of Absci in a research note on Wednesday, September 9th. They issued an “outperform” rating for the company. HC Wainwright upped their price objective on Absci from $8.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. BTIG Research set a $15.00 target price on Absci and gave the stock a “buy” rating in a research report on Tuesday, September 8th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Absci in a research report on Wednesday, September 23rd. Finally, Morgan Stanley restated a “positive” rating and issued a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Absci presently has an average rating of “Moderate Buy” and a consensus target price of $13.71.

Absci Price Performance

The company has a fifty day moving average price of $9.10 and a two-hundred day moving average price of $7.21. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -13.15 and a beta of 2.27.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.32 million during the quarter, compared to analyst estimates of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. On average, research analysts expect that Absci Corporation will post -0.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Absci in the second quarter valued at approximately $141,112,000. Baker BROS. Advisors LP acquired a new position in shares of Absci during the 4th quarter valued at about $7,450,000. Siren L.L.C. acquired a new position in Absci during the first quarter valued at approximately $5,400,000. Parkman Healthcare Partners LLC acquired a new position in Absci in the 2nd quarter valued at $10,366,000. Finally, Bank of America Corp DE bought a new position in Absci in the 2nd quarter worth $6,560,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation is a biotechnology company that uses generative artificial intelligence and integrated laboratory technologies to discover and develop new medicines. The company focuses primarily on biologics, including antibody-based therapies, and aims to accelerate the process of moving from drug concept to candidate development.

Absci’s platform combines artificial intelligence models with biological data generation and laboratory experimentation. Its capabilities include protein and antibody design, target and candidate evaluation, and the development of cell lines and manufacturing processes intended to support biologic drug production.