Absci (NASDAQ:ABSI) Coverage Initiated by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Absci (NASDAQ:ABSI) in a report published on Thursday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating on the stock.

Other research analysts have also recently issued reports about the company. Wall Street Zen cut Absci from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Needham & Company LLC lowered their target price on Absci from $9.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, August 13th. Finally, Morgan Stanley cut their price target on Absci from $6.40 to $5.89 and set an “overweight” rating on the stock in a research note on Monday, August 18th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $7.98.

Absci Price Performance

Shares of ABSI opened at $3.55 on Thursday. The company’s 50-day moving average is $2.73 and its 200-day moving average is $2.80. The firm has a market capitalization of $530.81 million, a PE ratio of -3.78 and a beta of 2.06. 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 business had revenue of $0.59 million during the quarter, compared to analyst estimates of $1.39 million. Absci had a negative return on equity of 60.21% and a negative net margin of 2,737.94%. Analysts predict that Absci will post -0.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Absci

In related news, CAO Todd Bedrick purchased 10,000 shares of the business’s stock in a transaction dated Monday, September 22nd. The stock was purchased at an average cost of $2.70 per share, with a total value of $27,000.00. Following the completion of the acquisition, the chief accounting officer directly owned 180,428 shares of the company’s stock, valued at approximately $487,155.60. The trade was a 5.87% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Menelas N. Pangalos purchased 95,785 shares of the stock in a transaction dated Monday, September 22nd. The stock was purchased at an average cost of $2.66 per share, for a total transaction of $254,788.10. Following the completion of the acquisition, the director owned 113,960 shares of the company’s stock, valued at approximately $303,133.60. This represents a 527.02% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 155,785 shares of company stock worth $433,788. Insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new stake in shares of Absci in the 4th quarter worth about $28,000. Bank of America Corp DE raised its stake in Absci by 18.0% in the fourth quarter. Bank of America Corp DE now owns 88,197 shares of the company’s stock worth $231,000 after buying an additional 13,476 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Absci by 1.1% in the fourth quarter. Wellington Management Group LLP now owns 352,805 shares of the company’s stock worth $924,000 after buying an additional 3,951 shares during the period. Griffin Asset Management Inc. boosted its position in Absci by 53.1% during the 1st quarter. Griffin Asset Management Inc. now owns 97,628 shares of the company’s stock valued at $245,000 after acquiring an additional 33,868 shares in the last quarter. Finally, Synergy Asset Management LLC purchased a new position in shares of Absci during the 1st quarter worth approximately $38,000. Institutional investors own 52.05% of the company’s stock.

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.