Wall Street Zen Downgrades Absci (NASDAQ:ABSI) to Strong Sell

Absci (NASDAQ:ABSI) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “strong sell” rating in a report released on Saturday.

Other equities analysts have also issued reports about the stock. Needham & Company LLC dropped their price objective on shares of Absci from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday. Morgan Stanley decreased their price target on shares of Absci from $7.00 to $6.40 and set an “overweight” rating on the stock in a research note on Monday, July 28th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.08.

Absci Price Performance

Shares of ABSI opened at $2.93 on Friday. The firm has a market capitalization of $438.09 million, a PE ratio of -3.12 and a beta of 2.02. The company’s 50-day moving average is $2.88 and its 200-day moving average is $3.15. Absci has a fifty-two week low of $2.01 and a fifty-two week high of $6.33.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.05). The company had revenue of $0.59 million during the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. Analysts predict that Absci will post -0.89 earnings per share for the current fiscal year.

Insider Transactions at Absci

In other news, insider Andreas Busch acquired 50,000 shares of Absci stock in a transaction on Monday, July 28th. The shares were purchased at an average cost of $3.04 per share, for a total transaction of $152,000.00. Following the completion of the purchase, the insider directly owned 327,264 shares of the company’s stock, valued at approximately $994,882.56. This represents a 18.03% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 10.49% of the stock is owned by insiders.

Institutional Investors Weigh In On Absci

A number of large investors have recently bought and sold shares of ABSI. ARK Investment Management LLC grew its stake in Absci by 32.5% during the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock worth $27,497,000 after buying an additional 2,689,153 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Absci during the first quarter worth about $5,792,000. Marshall Wace LLP acquired a new stake in Absci during the second quarter worth about $1,575,000. Nuveen LLC acquired a new stake in Absci during the first quarter worth about $1,251,000. Finally, Geode Capital Management LLC grew its stake in Absci by 22.5% during the second quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock worth $6,286,000 after buying an additional 448,984 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Company Profile

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.