Absci (NASDAQ:ABSI) Stock Falls 8.3% – What’s Next?

Absci Corporation (NASDAQ:ABSI) fell 8.3% during mid-day trading on Wednesday. The company traded as low as $9.87 and last traded at $9.8240. Approximately 1,197,437 shares traded hands during trading, a decline of 72% from the average session volume of 4,342,865 shares. The stock had previously closed at $10.71.

Analysts Set New Price Targets

A number of research analysts have weighed in on ABSI shares. Guggenheim lifted their price objective on shares of Absci from $10.00 to $15.00 and gave the company a “buy” rating in a report on Monday, June 15th. Leerink Partners began coverage on Absci in a research report on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price on the stock. HC Wainwright lifted their price target on Absci from $8.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Morgan Stanley reaffirmed a “positive” rating and issued a $10.00 price target on shares of Absci in a report on Thursday, June 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Absci in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.71.

Absci Stock Performance

The company has a 50 day simple moving average of $8.75 and a 200 day simple moving average of $6.82. The company has a market capitalization of $1.78 billion, a PE ratio of -12.94 and a beta of 2.42.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm 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%. As a group, equities research analysts anticipate that Absci Corporation will post -0.74 EPS for the current year.

Institutional Trading of Absci

A number of hedge funds and other institutional investors have recently modified their holdings of ABSI. HB Wealth Management LLC raised its stake in Absci by 28.4% during the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock valued at $39,000 after acquiring an additional 2,862 shares during the last quarter. AXQ Capital LP increased its holdings in shares of Absci by 10.5% in the 2nd quarter. AXQ Capital LP now owns 36,000 shares of the company’s stock valued at $417,000 after purchasing an additional 3,435 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Absci in the second quarter valued at about $53,000. Essential Partners LLC increased its stake in Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after purchasing an additional 9,108 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new position in shares of Absci in the first quarter valued at $31,000. 52.05% of the stock is owned by institutional investors and hedge funds.

About Absci

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company’s capabilities include target discovery, protein design, antibody generation, and experimental validation.