Wall Street Zen Upgrades Absci (NASDAQ:ABSI) to Hold

Absci (NASDAQ:ABSI) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Several other analysts also recently weighed in on ABSI. Needham & Company LLC restated a “buy” rating and set a $9.00 target price on shares of Absci in a research note on Wednesday, May 14th. KeyCorp increased their target price on Absci from $5.00 to $9.00 and gave the company an “overweight” rating in a research note on Wednesday, April 16th. Finally, Morgan Stanley decreased their target price on Absci from $7.00 to $6.40 and set an “overweight” rating for the company in a research note on Monday, July 28th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Absci currently has a consensus rating of “Moderate Buy” and an average price target of $8.28.

Absci Stock Up 2.5%

Shares of NASDAQ:ABSI opened at $2.90 on Friday. The business has a 50 day moving average price of $2.85 and a 200 day moving average price of $3.19. Absci has a twelve month low of $2.01 and a twelve month high of $6.33. The company has a market cap of $369.92 million, a price-to-earnings ratio of -3.15 and a beta of 2.02.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.02. Absci had a negative return on equity of 53.69% and a negative net margin of 2,232.13%. The firm had revenue of $1.18 million during the quarter, compared to the consensus estimate of $1.07 million. Analysts anticipate that Absci will post -0.89 EPS for the current year.

Insider Activity at Absci

In other news, insider Andreas Busch acquired 50,000 shares of Absci stock in a transaction on Monday, July 28th. The stock was bought at an average price of $3.04 per share, for a total transaction of $152,000.00. Following the transaction, the insider owned 327,264 shares of the company’s stock, valued at $994,882.56. The trade was a 18.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 10.49% of the company’s stock.

Institutional Trading of Absci

A number of hedge funds have recently modified their holdings of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Absci by 79.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,298 shares of the company’s stock worth $407,000 after acquiring an additional 69,894 shares during the period. Ethic Inc. bought a new stake in shares of Absci in the 2nd quarter worth approximately $32,000. DKM Wealth Management Inc. acquired a new position in shares of Absci in the 2nd quarter worth approximately $51,000. Goldman Sachs Group Inc. raised its holdings in shares of Absci by 17.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 314,858 shares of the company’s stock worth $790,000 after buying an additional 46,975 shares in the last quarter. Finally, Woodline Partners LP raised its holdings in shares of Absci by 32.9% in the 1st quarter. Woodline Partners LP now owns 1,391,245 shares of the company’s stock worth $3,492,000 after buying an additional 344,270 shares in the last quarter. Institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.