Shares of Absci Corporation (NASDAQ:ABSI – Get Free Report) shot up 17.1% during trading on Thursday . The stock traded as high as $6.59 and last traded at $6.9560. 916,666 shares were traded during trading, a decline of 78% from the average session volume of 4,108,024 shares. The stock had previously closed at $5.94.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on ABSI. Morgan Stanley set a $4.10 price objective on shares of Absci in a research report on Thursday, May 14th. Leerink Partners began coverage on shares of Absci in a research report on Thursday. They set an “outperform” rating and a $12.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $7.00 price objective on shares of Absci in a research report on Wednesday, March 25th. Truist Financial raised their price objective on shares of Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, BTIG Research began coverage on shares of Absci in a research report on Thursday, May 28th. They set a “buy” rating and a $9.00 price objective on the stock. Six 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.52.
Check Out Our Latest Stock Report on Absci
Absci Stock Down 12.8%
Absci (NASDAQ:ABSI – Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. The company had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. Analysts forecast that Absci Corporation will post -0.77 EPS for the current year.
Insiders Place Their Bets
In related news, insider Andreas Busch bought 100,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average cost of $2.29 per share, with a total value of $229,000.00. Following the completion of the purchase, the insider owned 421,446 shares of the company’s stock, valued at approximately $965,111.34. The trade was a 31.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 10.49% of the company’s stock.
Hedge Funds Weigh In On Absci
Several institutional investors have recently bought and sold shares of the stock. Essential Partners LLC grew its stake in shares of Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after buying an additional 9,108 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Absci by 55.2% in the 1st quarter. Bank of America Corp DE now owns 487,193 shares of the company’s stock worth $1,462,000 after buying an additional 173,361 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Absci by 29.7% in the 1st quarter. Royal Bank of Canada now owns 175,085 shares of the company’s stock worth $525,000 after buying an additional 40,111 shares in the last quarter. Siren L.L.C. purchased a new position in shares of Absci in the 1st quarter worth $5,400,000. Finally, Principal Financial Group Inc. purchased a new position in shares of Absci in the 1st quarter worth $31,000. 52.05% of the stock is owned by hedge funds and other institutional investors.
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.
Read More
- Five stocks we like better than Absci
- MarketBeat Week in Review – 06/01 – 06/05
- AI Server Earnings: Wall Street Sees One Clear Standout
- Navitas: NVIDIA’s AI Power Broker?
- A Lulu of a Miss Sends Lululemon to New Lows—Look Out Below
Receive News & Ratings for Absci Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Absci and related companies with MarketBeat.com's FREE daily email newsletter.
