Absci (NASDAQ:ABSI) Reaches New 52-Week High – Time to Buy?

Shares of Absci Corporation (NASDAQ:ABSI) reached a new 52-week high on Monday . The company traded as high as $8.17 and last traded at $7.7040, with a volume of 1217182 shares trading hands. The stock had previously closed at $6.80.

Analyst Ratings Changes

ABSI has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and issued a $7.00 price target on shares of Absci in a research note on Wednesday, March 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Leerink Partners initiated coverage on shares of Absci in a research note on Thursday, June 4th. They issued an “outperform” rating and a $12.00 target price for the company. Morgan Stanley set a $4.10 target price on shares of Absci in a research note on Thursday, May 14th. Finally, Guggenheim raised 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. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $9.44.

Absci Price Performance

The company has a market cap of $1.09 billion, a P/E ratio of -8.43 and a beta of 2.44. The stock has a 50-day moving average of $5.06 and a 200 day moving average of $3.77.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $0.22 million for the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. Sell-side analysts predict that Absci Corporation will post -0.72 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ABSI. ARK Investment Management LLC increased its position in Absci by 21.1% in the 3rd quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock valued at $36,975,000 after acquiring an additional 2,116,845 shares during the period. Heights Capital Management Inc. bought a new position in shares of Absci during the third quarter worth about $6,081,000. UBS Group AG raised its position in shares of Absci by 35.4% during the fourth quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock worth $9,421,000 after acquiring an additional 706,396 shares during the last quarter. Platinum Investment Management Ltd. bought a new position in shares of Absci during the fourth quarter worth about $830,000. Finally, Amova Asset Management Americas Inc. raised its position in shares of Absci by 3.2% during the third quarter. Amova Asset Management Americas Inc. now owns 1,494,047 shares of the company’s stock worth $4,542,000 after acquiring an additional 46,563 shares during the last quarter. 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.