Absci (NASDAQ:ABSI) Shares Down 8% – Here’s Why

Absci Corporation (NASDAQ:ABSI) was down 8% during mid-day trading on Wednesday . The company traded as low as $5.82 and last traded at $5.84. Approximately 1,656,845 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 4,109,583 shares. The stock had previously closed at $6.35.

Analyst Ratings Changes

A number of analysts have recently issued reports on ABSI shares. BTIG Research started coverage on shares of Absci in a report on Thursday, May 28th. They issued a “buy” rating and a $9.00 price objective on the stock. Leerink Partners began coverage on shares of Absci in a report on Thursday. They issued an “outperform” rating and a $12.00 price objective on the stock. Morgan Stanley set a $4.10 target price on shares of Absci in a research note on Thursday, May 14th. Truist Financial boosted their target price on shares of Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $7.00 target price on shares of Absci in a report on Wednesday, March 25th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $8.52.

Absci Stock Up 23.6%

The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -8.84 and a beta of 2.44. The company’s fifty day simple moving average is $4.46 and its 200 day simple moving average is $3.55.

Absci (NASDAQ:ABSI) last posted its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. As a group, analysts anticipate that Absci Corporation will post -0.77 earnings per share for the current year.

Insider Activity

In other Absci news, insider Andreas Busch bought 100,000 shares of Absci stock in a transaction dated Thursday, March 12th. The stock was bought at an average price of $2.29 per share, with a total value of $229,000.00. Following the completion of the transaction, the insider owned 421,446 shares in the company, valued at $965,111.34. The trade was a 31.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Absci

Institutional investors have recently modified their holdings of the business. Quarry LP bought a new stake in shares of Absci in the third quarter valued at about $26,000. Essential Partners LLC boosted 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 valued at $27,000 after acquiring an additional 9,108 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after acquiring an additional 5,385 shares during the period. Legal & General Group Plc boosted its position in shares of Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after acquiring an additional 3,678 shares during the period. Finally, Principal Financial Group Inc. bought a new stake in shares of Absci in the third quarter valued at about $31,000. 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.