Absci Corporation (NASDAQ:ABSI – Get Free Report)’s stock price was down 8% during mid-day trading on Wednesday . The company traded as low as $5.82 and last traded at $5.84. Approximately 1,656,845 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 4,109,583 shares. The stock had previously closed at $6.35.
Wall Street Analyst Weigh In
ABSI has been the topic of a number of recent research reports. Morgan Stanley set a $4.10 price target on shares of Absci in a research report on Thursday, May 14th. Truist Financial boosted their price target on shares of Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. BTIG Research initiated coverage on shares of Absci in a research report on Thursday, May 28th. They set a “buy” rating and a $9.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Wednesday, March 25th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Absci currently has an average rating of “Moderate Buy” and an average target price of $7.82.
Check Out Our Latest Report on Absci
Absci Price Performance
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 for the quarter, compared to analyst estimates of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. As a group, research analysts forecast that Absci Corporation will post -0.77 EPS for the current year.
Insiders Place Their Bets
In other news, insider Andreas Busch bought 100,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were bought at an average cost of $2.29 per share, for a total transaction of $229,000.00. Following the acquisition, the insider directly owned 421,446 shares of the company’s stock, valued at $965,111.34. This trade represents a 31.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 10.49% of the stock is owned by insiders.
Hedge Funds Weigh In On Absci
Several large investors have recently modified their holdings of the business. ARK Investment Management LLC lifted its stake in shares of Absci by 3.2% in the 4th 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 during the last quarter. Vanguard Group Inc. lifted its stake in shares of Absci by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after purchasing an additional 830,336 shares during the last quarter. State Street Corp lifted its stake in shares of Absci by 190.1% in the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock valued at $20,908,000 after purchasing an additional 3,925,926 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Absci by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock valued at $11,309,000 after purchasing an additional 186,708 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Absci by 24.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock valued at $9,701,000 after purchasing an additional 625,451 shares during the last quarter. Institutional investors and hedge funds own 52.05% of the company’s stock.
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.
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