Absci (NASDAQ:ABSI) Upgraded to “Strong-Buy” at BTIG Research

BTIG Research upgraded shares of Absci (NASDAQ:ABSI) to a strong-buy rating in a report released on Thursday,Zacks.com reports.

Several other research firms also recently commented on ABSI. Truist Financial upped their price objective on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Morgan Stanley set a $4.10 price objective on Absci in a research note on Thursday, May 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price objective 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 assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Absci has a consensus rating of “Moderate Buy” and an average price target of $7.82.

Absci Trading Up 11.0%

Absci stock opened at $6.75 on Thursday. Absci has a 12 month low of $2.24 and a 12 month high of $7.34. The business’s 50 day simple moving average is $4.18 and its 200 day simple moving average is $3.45. The company has a market cap of $1.05 billion, a price-to-earnings ratio of -8.13 and a beta of 2.36.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data 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 return on equity of 66.32% and a negative net margin of 6,450.76%.The business had revenue of $0.22 million for the quarter, compared to the consensus estimate of $1.39 million. As a group, equities research analysts forecast that Absci will post -0.77 earnings per share for the current fiscal year.

Insider Transactions at Absci

In other Absci news, insider Andreas Busch bought 100,000 shares of the stock in a transaction on Thursday, March 12th. The shares were acquired at an average price of $2.29 per share, with a total value of $229,000.00. Following the acquisition, the insider directly owned 421,446 shares of the company’s stock, valued at $965,111.34. The trade was a 31.11% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.49% of the stock is owned by insiders.

Institutional Investors Weigh In On Absci

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. HB Wealth Management LLC increased its holdings in shares of Absci by 28.4% in the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock worth $39,000 after purchasing an additional 2,862 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Absci by 41.9% in the third quarter. Jones Financial Companies Lllp now owns 12,317 shares of the company’s stock worth $37,000 after purchasing an additional 3,638 shares during the period. Legal & General Group Plc increased its holdings 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 worth $30,000 after purchasing an additional 3,678 shares during the period. SG Americas Securities LLC increased its holdings in shares of Absci by 20.7% in the third quarter. SG Americas Securities LLC now owns 21,882 shares of the company’s stock worth $67,000 after purchasing an additional 3,758 shares during the period. Finally, Deutsche Bank AG increased its holdings in shares of Absci by 5.6% in the fourth quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock worth $322,000 after purchasing an additional 4,892 shares during the period. 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.