Absci (NASDAQ:ABSI) Stock Rating Upgraded by BTIG Research

Absci (NASDAQ:ABSI) was upgraded by equities researchers at BTIG Research to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Several other brokerages also recently commented on ABSI. Truist Financial boosted their target price on shares of Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Morgan Stanley set a $4.10 target price on shares of Absci in a research note on Thursday, May 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Absci presently has a consensus rating of “Moderate Buy” and an average price target of $7.82.

Absci Stock Performance

Shares of NASDAQ:ABSI opened at $6.75 on Thursday. Absci has a 52 week low of $2.24 and a 52 week high of $7.34. The company’s fifty day moving average is $4.18 and its 200-day moving average is $3.45. The company has a market capitalization of $1.05 billion, a PE ratio of -8.13 and a beta of 2.36.

Absci (NASDAQ:ABSI) last issued its earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.01. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. The company had revenue of $0.22 million for the quarter, compared to the consensus estimate of $1.39 million. On average, analysts forecast that Absci will post -0.77 EPS for the current year.

Insider Transactions at Absci

In related news, insider Andreas Busch purchased 100,000 shares of Absci stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $2.29 per share, for a total transaction of $229,000.00. Following the transaction, the insider directly owned 421,446 shares in the company, valued at approximately $965,111.34. This represents a 31.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 10.49% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABSI. Quarry LP acquired a new position in Absci during the 3rd quarter worth about $26,000. Essential Partners LLC lifted its position in Absci by 113,850.0% during the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after buying an additional 9,108 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after buying an additional 5,385 shares in the last quarter. Legal & General Group Plc lifted its position in Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after buying an additional 3,678 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new position in Absci during the 3rd quarter worth about $31,000. Institutional investors and hedge funds 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.