Absci (NASDAQ:ABSI) Rating Increased to Hold at Zacks Investment Research

Absci (NASDAQ:ABSIGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Absci Corporation is the AI-powered synthetic biology company unlocking the potential of proteins as the next generation of therapeutics. The company’s Creation(TM) Platform involved in discovery of novel biotherapeutic drug candidates and generation of the cell lines to manufacture them in a single efficient process. Absci Corporation is based in VANCOUVER, Wash. “

ABSI has been the subject of a number of other research reports. Berenberg Bank assumed coverage on shares of Absci in a research note on Tuesday, February 1st. They issued a “buy” rating and a $28.00 price objective for the company. Credit Suisse Group dropped their price objective on shares of Absci from $29.00 to $28.00 and set an “outperform” rating for the company in a research note on Wednesday, March 23rd. Finally, Cowen assumed coverage on shares of Absci in a research note on Wednesday, March 2nd. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Absci presently has a consensus rating of “Hold” and a consensus target price of $22.50.

NASDAQ:ABSI traded down $0.09 during trading hours on Tuesday, hitting $3.46. 369,206 shares of the company traded hands, compared to its average volume of 1,130,545. The stock has a market capitalization of $321.27 million and a price-to-earnings ratio of -1.04. Absci has a twelve month low of $3.32 and a twelve month high of $31.53. The firm has a 50-day moving average of $6.59 and a 200 day moving average of $8.15. The company has a current ratio of 6.11, a quick ratio of 6.11 and a debt-to-equity ratio of 0.01.

Absci (NASDAQ:ABSIGet Rating) last released its earnings results on Wednesday, May 11th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.04). Absci had a negative net margin of 2,633.14% and a negative return on equity of 36.19%. Equities research analysts predict that Absci will post -1.21 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Metropolitan Life Insurance Co NY bought a new stake in Absci during the 1st quarter worth about $33,000. Morgan Stanley bought a new stake in Absci during the 3rd quarter worth about $34,000. Ameritas Investment Partners Inc. grew its holdings in Absci by 305.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 4,312 shares of the company’s stock worth $36,000 after acquiring an additional 3,248 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Absci during the 3rd quarter worth about $37,000. Finally, UBS Group AG bought a new stake in Absci during the 3rd quarter worth about $39,000. 40.01% of the stock is currently owned by institutional investors and hedge funds.

Absci Company Profile (Get Rating)

Absci Corporation, a drug and target discovery company, provides biologic drug candidates and production cell lines using integrated drug creation platform for partners in the United States. Its integrated drug creation platform enables the creation of biologics by unifying the drug discovery and cell line development processes into one process.

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