Andreas Busch Purchases 100,000 Shares of Absci (NASDAQ:ABSI) Stock

Absci Corporation (NASDAQ:ABSI) insider Andreas Busch bought 100,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were purchased at an average cost of $2.29 per share, for a total transaction of $229,000.00. Following the completion of the acquisition, the insider owned 421,446 shares of the company’s stock, valued at $965,111.34. This trade represents a 31.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Absci Trading Up 21.2%

Shares of NASDAQ ABSI opened at $3.03 on Wednesday. Absci Corporation has a twelve month low of $2.01 and a twelve month high of $5.23. The company has a market capitalization of $455.62 million, a price-to-earnings ratio of -3.37 and a beta of 2.12. The firm has a 50-day moving average of $2.83 and a two-hundred day moving average of $3.19.

Institutional Trading of Absci

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new position in shares of Absci in the third quarter worth about $26,000. Scientech Research LLC acquired a new stake in shares of Absci during the third quarter valued at approximately $31,000. HB Wealth Management LLC purchased a new stake in shares of Absci in the 3rd quarter valued at approximately $31,000. Principal Financial Group Inc. acquired a new position in Absci in the 3rd quarter worth approximately $31,000. Finally, Xponance LLC acquired a new position in Absci in the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

Analysts Set New Price Targets

ABSI has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $7.00 price target on shares of Absci in a research report on Friday, December 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Wednesday, January 21st. Morgan Stanley lowered Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective for the company. in a research note on Thursday, January 8th. Finally, HC Wainwright lifted their target price on Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Absci currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.66.

About Absci

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.