Absci Corporation (NASDAQ:ABSI) Given Average Recommendation of “Moderate Buy” by Brokerages

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

Several research analysts have recently commented on ABSI shares. HC Wainwright raised their price objective on Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Wednesday, January 21st. Morgan Stanley cut shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 target price on the stock. in a research note on Thursday, January 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price target on shares of Absci in a report on Friday, December 12th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Absci in a research note on Thursday, October 2nd. They issued an “overweight” rating for the company.

Absci Price Performance

Shares of ABSI stock opened at $2.89 on Tuesday. The company has a market cap of $434.57 million, a price-to-earnings ratio of -3.21 and a beta of 2.11. Absci has a 1 year low of $2.01 and a 1 year high of $6.33. The firm has a fifty day moving average price of $3.34 and a 200-day moving average price of $3.24.

Absci (NASDAQ:ABSI) last announced its earnings results on Wednesday, November 12th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Absci had a negative return on equity of 60.19% and a negative net margin of 4,071.19%.The company had revenue of $0.38 million during the quarter, compared to the consensus estimate of $1.58 million. Equities research analysts expect that Absci will post -0.89 EPS for the current year.

Institutional Investors Weigh In On Absci

Institutional investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC raised its position in shares of Absci by 21.1% during the 3rd quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock valued at $36,975,000 after buying an additional 2,116,845 shares in the last quarter. Heights Capital Management Inc. purchased a new stake in Absci during the third quarter valued at approximately $6,081,000. Vanguard Group Inc. lifted its stake in shares of Absci by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after purchasing an additional 830,336 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Absci by 24.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock worth $9,701,000 after purchasing an additional 625,451 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Absci during the 2nd quarter valued at $1,575,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

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.