Absci (NASDAQ:ABSI) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Absci (NASDAQ:ABSI) released its quarterly earnings data on Wednesday. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01), FiscalAI reports. Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. The firm had revenue of $0.38 million during the quarter, compared to analyst estimates of $1.58 million.

Absci Stock Down 1.4%

NASDAQ:ABSI traded down $0.05 during trading hours on Wednesday, reaching $3.40. The company had a trading volume of 3,978,242 shares, compared to its average volume of 4,840,308. Absci has a twelve month low of $2.01 and a twelve month high of $6.33. The firm has a market cap of $508.37 million, a price-to-earnings ratio of -3.62 and a beta of 2.11. The business’s 50-day simple moving average is $3.46 and its two-hundred day simple moving average is $3.05.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ABSI shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Wednesday, October 8th. JPMorgan Chase & Co. assumed coverage on Absci in a research report on Thursday, October 2nd. They issued an “overweight” rating on the stock. Morgan Stanley decreased their price target on Absci from $6.40 to $5.89 and set an “overweight” rating for the company in a research note on Monday, August 18th. Wall Street Zen downgraded Absci from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Finally, Needham & Company LLC reduced their target price on Absci from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Absci has an average rating of “Moderate Buy” and an average target price of $7.98.

Insider Transactions at Absci

In related news, CAO Todd Bedrick acquired 10,000 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were bought at an average price of $2.70 per share, with a total value of $27,000.00. Following the transaction, the chief accounting officer directly owned 180,428 shares of the company’s stock, valued at $487,155.60. This trade represents a 5.87% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Menelas N. Pangalos purchased 95,785 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The shares were purchased at an average cost of $2.66 per share, for a total transaction of $254,788.10. Following the completion of the purchase, the director owned 113,960 shares in the company, valued at $303,133.60. This trade represents a 527.02% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 10.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ABSI. BNP Paribas Financial Markets raised its position in Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after acquiring an additional 5,385 shares during the period. Legal & General Group Plc grew its position in shares of Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after acquiring an additional 3,678 shares during the period. Orion Porfolio Solutions LLC purchased a new stake in shares of Absci during the 3rd quarter worth approximately $36,000. The Manufacturers Life Insurance Company raised its holdings in shares of Absci by 35.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,175 shares of the company’s stock worth $103,000 after purchasing an additional 10,585 shares during the period. Finally, Creative Planning raised its holdings in shares of Absci by 145.4% in the 2nd quarter. Creative Planning now owns 46,882 shares of the company’s stock worth $120,000 after purchasing an additional 27,775 shares during the period. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Company Profile

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.