Absci (NASDAQ:ABSI) Receives “Buy” Rating from Truist Financial

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reissued by investment analysts at Truist Financial in a research note issued on Tuesday, Benzinga reports. They presently have a $9.00 target price on the stock. Truist Financial’s price target would indicate a potential upside of 62.45% from the company’s current price.

A number of other equities analysts have also recently commented on ABSI. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Absci in a report on Friday, March 22nd. Scotiabank reiterated an “outperform” rating and set a $13.00 price target on shares of Absci in a report on Monday. Finally, KeyCorp lifted their price target on Absci from $5.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, March 4th.

Absci Trading Up 6.3 %

Absci stock opened at $5.54 on Tuesday. Absci has a 52 week low of $1.11 and a 52 week high of $6.40. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.08 and a current ratio of 4.08. The stock has a market capitalization of $624.86 million, a P/E ratio of -4.62 and a beta of 2.35. The stock has a 50-day simple moving average of $4.63 and a 200 day simple moving average of $2.98.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Thursday, March 21st. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Absci had a negative return on equity of 44.52% and a negative net margin of 1,933.65%. The business had revenue of $0.34 million for the quarter, compared to the consensus estimate of $1.75 million. Analysts expect that Absci will post -0.78 earnings per share for the current year.

Insider Transactions at Absci

In other news, Director Redmile Group, Llc acquired 222,222 shares of Absci stock in a transaction dated Friday, March 1st. The stock was bought at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the acquisition, the director now directly owns 8,253,316 shares in the company, valued at approximately $37,139,922. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 11.58% of the company’s stock.

Institutional Investors Weigh In On Absci

A number of institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Absci by 8.6% in the third quarter. BlackRock Inc. now owns 3,920,715 shares of the company’s stock valued at $12,271,000 after buying an additional 309,459 shares during the period. Vanguard Group Inc. boosted its stake in shares of Absci by 178.4% in the first quarter. Vanguard Group Inc. now owns 3,424,005 shares of the company’s stock valued at $28,864,000 after buying an additional 2,194,034 shares during the period. State Street Corp boosted its stake in shares of Absci by 12.4% in the first quarter. State Street Corp now owns 1,126,536 shares of the company’s stock valued at $1,971,000 after buying an additional 124,449 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Absci by 5.4% in the second quarter. Farther Finance Advisors LLC now owns 457,268 shares of the company’s stock valued at $695,000 after buying an additional 23,350 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Absci by 64.8% in the second quarter. Renaissance Technologies LLC now owns 423,375 shares of the company’s stock valued at $644,000 after buying an additional 166,475 shares during the period. Institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.