Absci Corporation (NASDAQ:ABSI) Receives $7.98 Consensus Target Price from Brokerages

Shares of Absci Corporation (NASDAQ:ABSI) have been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $7.9780.

ABSI has been the topic of several analyst reports. JPMorgan Chase & Co. began coverage on shares of Absci in a report on Thursday, October 2nd. They issued an “overweight” rating on the stock. Morgan Stanley lowered their price objective on shares of Absci from $6.40 to $5.89 and set an “overweight” rating for the company in a research note on Monday, August 18th. Needham & Company LLC lowered their price objective on shares of Absci from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Absci from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th.

Absci Trading Down 4.0%

NASDAQ ABSI opened at $4.61 on Friday. The firm’s fifty day simple moving average is $3.05 and its two-hundred day simple moving average is $2.93. Absci has a 12-month low of $2.01 and a 12-month high of $6.33. The firm has a market capitalization of $689.29 million, a P/E ratio of -4.90 and a beta of 2.06.

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

Insider Transactions at Absci

In related news, CAO Todd Bedrick acquired 10,000 shares of the stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $2.70 per share, for a total transaction of $27,000.00. Following the completion of the purchase, the chief accounting officer owned 180,428 shares of the company’s stock, valued at approximately $487,155.60. This represents a 5.87% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andreas Busch acquired 50,000 shares of the stock in a transaction dated Monday, July 28th. The shares were bought at an average price of $3.04 per share, with a total value 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 trade represents a 18.03% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 155,785 shares of company stock worth $433,788. Company insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pier 88 Investment Partners LLC lifted its position in Absci by 43.8% during the first quarter. Pier 88 Investment Partners LLC now owns 303,670 shares of the company’s stock valued at $762,000 after purchasing an additional 92,460 shares during the period. ARK Investment Management LLC lifted its position in Absci by 32.5% during the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock valued at $27,497,000 after purchasing an additional 2,689,153 shares during the period. Nuveen LLC acquired a new position in Absci during the first quarter valued at $1,251,000. Massachusetts Financial Services Co. MA acquired a new position in Absci during the first quarter valued at $5,792,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in Absci by 30.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,493,865 shares of the company’s stock valued at $3,750,000 after purchasing an additional 350,036 shares during the period. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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.