Absci Corporation (NASDAQ:ABSI) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Absci Corporation (NASDAQ:ABSI) have received an average rating of “Moderate Buy” from the seven analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $7.6640.

ABSI has been the subject of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and set a $7.00 price objective on shares of Absci in a research report on Friday, December 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research report on Wednesday, January 21st. HC Wainwright lifted their price target on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Finally, Morgan Stanley cut Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 target price for the company. in a research report on Thursday, January 8th.

Absci Stock Down 4.7%

NASDAQ ABSI opened at $2.65 on Friday. The firm has a market capitalization of $398.48 million, a P/E ratio of -2.94 and a beta of 2.11. The company has a 50-day moving average price of $3.15 and a 200-day moving average price of $3.20. Absci has a 52 week low of $2.01 and a 52 week high of $5.41.

Insider Buying and Selling

In other Absci news, CEO Sean Mcclain sold 26,761 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $2.99, for a total transaction of $80,015.39. Following the completion of the transaction, the chief executive officer owned 8,334,567 shares in the company, valued at $24,920,355.33. This trade represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 10.49% of the company’s stock.

Institutional Trading of Absci

Hedge funds and other institutional investors have recently bought and sold shares of the business. ARK Investment Management LLC lifted its stake in shares of Absci by 3.2% during the 4th quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock worth $43,802,000 after purchasing an additional 388,026 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Absci by 12.9% during the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after buying an additional 830,336 shares during the last quarter. State Street Corp boosted its holdings in shares of Absci by 190.1% in the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock valued at $20,908,000 after buying an additional 3,925,926 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Absci by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock worth $11,309,000 after buying an additional 186,708 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Absci by 24.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock worth $9,701,000 after acquiring an additional 625,451 shares in the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.