Absci (NASDAQ:ABSI) Shares Down 4.8% – Time to Sell?

Absci Corporation (NASDAQ:ABSI) was down 4.8% during mid-day trading on Wednesday . The stock traded as low as $8.51 and last traded at $8.4160. Approximately 912,876 shares traded hands during trading, a decline of 79% from the average session volume of 4,378,139 shares. The stock had previously closed at $8.84.

Analysts Set New Price Targets

Several research firms recently commented on ABSI. BTIG Research restated a “buy” rating and issued a $13.00 target price on shares of Absci in a research report on Wednesday, August 12th. Morgan Stanley reiterated a “positive” rating and set a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Absci in a research note on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Friday, July 17th. Finally, Leerink Partners initiated coverage on shares of Absci in a research note on Thursday, June 4th. They set an “outperform” rating and a $12.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.43.

Absci Stock Performance

The stock has a market capitalization of $1.51 billion, a P/E ratio of -11.00 and a beta of 2.42. The business has a 50 day simple moving average of $9.30 and a 200-day simple moving average of $6.14.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%.The firm had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Equities research analysts forecast that Absci Corporation will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

A number of institutional investors and hedge funds have recently bought and sold shares of ABSI. Quarry LP acquired a new position in shares of Absci in the 3rd quarter worth approximately $26,000. Essential Partners LLC increased its holdings 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 buying an additional 9,108 shares in the last quarter. BNP Paribas Financial Markets increased its holdings 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 buying an additional 5,385 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Absci by 45.9% during the 2nd 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 last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of Absci during the 1st quarter worth $31,000. 52.05% of the stock is owned by institutional investors and hedge funds.

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.