Absci Corporation (NASDAQ:ABSI – Get Free Report)’s stock price was down 7.6% on Thursday . The company traded as low as $8.91 and last traded at $9.0180. 696,536 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 4,741,625 shares. The stock had previously closed at $9.76.
Analyst Ratings Changes
ABSI has been the topic of a number of analyst reports. BTIG Research increased their price objective on Absci from $9.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Morgan Stanley reaffirmed a “positive” rating and set a $10.00 target price on shares of Absci in a research report on Thursday, June 25th. Truist Financial lifted their price target on shares of Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective (up from $7.00) on shares of Absci in a research note on Wednesday, June 24th. Finally, Leerink Partners assumed coverage on shares of Absci in a report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Absci currently has a consensus rating of “Moderate Buy” and an average price target of $13.43.
Check Out Our Latest Analysis on ABSI
Absci Trading Up 0.9%
Absci (NASDAQ:ABSI – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The firm had revenue of $0.21 million for the quarter, compared to analyst estimates of $1.39 million. As a group, equities analysts anticipate that Absci Corporation will post -0.71 EPS for the current year.
Hedge Funds Weigh In On Absci
Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP bought a new stake in Absci in the 3rd quarter valued at $26,000. Essential Partners LLC increased its holdings in shares of Absci by 113,850.0% during the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after purchasing an additional 9,108 shares during the period. Scientech Research LLC acquired a new position in shares of Absci during the third quarter valued at about $31,000. Principal Financial Group Inc. acquired a new position in shares of Absci during the first quarter valued at about $31,000. Finally, Xponance LLC acquired a new position in shares of Absci during the fourth quarter valued at about $37,000. Institutional investors own 52.05% of the company’s stock.
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.
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