Absci (NASDAQ:ABSI) Price Target Cut to $5.89 by Analysts at Morgan Stanley

Absci (NASDAQ:ABSI) had its price objective reduced by Morgan Stanley from $6.40 to $5.89 in a research report released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently commented on ABSI. Needham & Company LLC dropped their price target on Absci from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, August 13th. Wall Street Zen cut Absci from a “hold” rating to a “strong sell” rating in a research report on Saturday. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.98.

Absci Stock Performance

Absci stock opened at $2.83 on Monday. The stock’s 50 day simple moving average is $2.88 and its two-hundred day simple moving average is $3.14. The stock has a market cap of $423.14 million, a price-to-earnings ratio of -3.01 and a beta of 2.02. Absci has a fifty-two week low of $2.01 and a fifty-two week high of $6.33.

Absci (NASDAQ:ABSI) last posted 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). Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. The firm had revenue of $0.59 million for the quarter, compared to the consensus estimate of $1.39 million. On average, analysts predict that Absci will post -0.89 earnings per share for the current year.

Insider Transactions at Absci

In other Absci news, insider Andreas Busch acquired 50,000 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average cost of $3.04 per share, with a total value 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Absci

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. ARK Investment Management LLC lifted its holdings in shares of Absci by 32.5% during the 1st quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock valued at $27,497,000 after buying an additional 2,689,153 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Absci by 22.5% during the 2nd quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock valued at $6,286,000 after buying an additional 448,984 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of Absci during the 1st quarter valued at $5,792,000. Bank of America Corp DE lifted its holdings in shares of Absci by 19.4% during the 2nd quarter. Bank of America Corp DE now owns 1,867,669 shares of the company’s stock valued at $4,800,000 after buying an additional 303,918 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Absci by 30.6% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,493,865 shares of the company’s stock valued at $3,750,000 after buying an additional 350,036 shares during the period. 52.05% of the stock is owned by institutional investors.

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.