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

Absci Corporation (NASDAQ:ABSI) has been given a consensus rating of “Moderate Buy” by the seven ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $7.9780.

A number of equities analysts recently commented on the company. 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 note on Saturday, August 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Friday. JPMorgan Chase & Co. assumed coverage on Absci in a research note on Thursday, October 2nd. They issued an “overweight” rating for the company. Finally, Needham & Company LLC decreased their price target on Absci from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, August 13th.

Insider Buying and Selling

In related news, Director Menelas N. Pangalos bought 95,785 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was bought 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 directly owned 113,960 shares in the company, valued at approximately $303,133.60. The trade was a 527.02% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Todd Bedrick bought 10,000 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was bought at an average price of $2.70 per share, with a total value of $27,000.00. Following the completion of the purchase, the chief accounting officer 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 disclosure for this purchase can be found here. Over the last three months, insiders bought 155,785 shares of company stock worth $433,788. Corporate insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Absci

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc boosted its stake in Absci by 45.9% in the second 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. Ballentine Partners LLC boosted its stake in Absci by 35.8% in the first quarter. Ballentine Partners LLC now owns 14,153 shares of the company’s stock valued at $36,000 after acquiring an additional 3,729 shares during the period. SG Americas Securities LLC boosted its stake in Absci by 20.7% in the third quarter. SG Americas Securities LLC now owns 21,882 shares of the company’s stock valued at $67,000 after acquiring an additional 3,758 shares during the period. BNP Paribas Financial Markets boosted its stake in Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after acquiring an additional 5,385 shares during the period. Finally, Alpha Cubed Investments LLC boosted its stake in Absci by 100.0% in the first quarter. Alpha Cubed Investments LLC now owns 20,000 shares of the company’s stock valued at $50,000 after acquiring an additional 10,000 shares during the period. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Price Performance

Shares of Absci stock opened at $4.27 on Friday. The business has a 50-day moving average of $3.13 and a 200-day moving average of $2.97. The company has a market capitalization of $638.45 million, a PE ratio of -4.54 and a beta of 2.06. Absci has a 1-year low of $2.01 and a 1-year high of $6.33.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, August 12th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.05). The business had revenue of $0.59 million for the quarter, compared to analyst estimates of $1.39 million. Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. On average, equities analysts expect that Absci will post -0.89 earnings per share for the current fiscal year.

About Absci

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.