Absci Corporation (NASDAQ:ABSI) Receives Average Rating of “Moderate Buy” from Analysts

Absci Corporation (NASDAQ:ABSI) has been given a consensus rating of “Moderate Buy” by the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $7.6640.

A number of equities analysts have recently commented on ABSI shares. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 target price on shares of Absci in a report on Friday, December 12th. Morgan Stanley downgraded Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price target for the company. in a research report on Thursday, January 8th. HC Wainwright lifted their price objective on shares of Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Wednesday, January 21st.

Insider Buying and Selling at Absci

In other news, CEO Sean Mcclain sold 26,761 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $2.99, for a total value of $80,015.39. Following the transaction, the chief executive officer directly owned 8,334,567 shares in the company, valued at approximately $24,920,355.33. This represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Andreas Busch acquired 100,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of $2.29 per share, for a total transaction of $229,000.00. Following the purchase, the insider owned 421,446 shares of the company’s stock, valued at $965,111.34. This represents a 31.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Absci

Several large investors have recently modified their holdings of ABSI. ARK Investment Management LLC boosted its stake in shares of Absci by 3.2% during the fourth quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock valued at $43,802,000 after purchasing an additional 388,026 shares in the last quarter. Vanguard Group Inc. raised its stake in Absci by 12.9% in the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock worth $22,137,000 after buying an additional 830,336 shares in the last quarter. State Street Corp raised its stake in Absci by 190.1% in the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after buying an additional 3,925,926 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Absci by 6.1% during the fourth 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 period. Finally, Ameriprise Financial Inc. lifted its holdings in Absci by 24.4% during the third quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock worth $9,701,000 after buying an additional 625,451 shares during the period. Institutional investors own 52.05% of the company’s stock.

Absci Stock Up 21.2%

Shares of ABSI stock opened at $3.03 on Wednesday. The stock has a market cap of $455.62 million, a P/E ratio of -3.37 and a beta of 2.12. Absci has a 52 week low of $2.01 and a 52 week high of $5.23. The company’s fifty day simple moving average is $2.83 and its two-hundred day simple moving average is $3.19.

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.