Absci (NASDAQ:ABSI) Shares Gap Up – Should You Buy?

Absci Co. (NASDAQ:ABSI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $4.02, but opened at $4.29. Absci shares last traded at $4.39, with a volume of 2,415,478 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Guggenheim reaffirmed a “buy” rating and issued a $10.00 target price on shares of Absci in a research report on Tuesday, December 3rd. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Absci in a research report on Friday. Six analysts have rated the stock with a buy rating, According to MarketBeat, Absci currently has an average rating of “Buy” and a consensus price target of $8.67.

Absci Stock Up 0.3 %

The company’s 50 day moving average price is $3.60 and its two-hundred day moving average price is $3.82. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. The firm has a market cap of $423.83 million, a PE ratio of -3.94 and a beta of 2.02.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The firm had revenue of $1.70 million for the quarter, compared to the consensus estimate of $1.77 million. During the same quarter in the previous year, the business earned ($0.24) earnings per share. On average, equities research analysts expect that Absci Co. will post -0.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP increased its holdings in Absci by 23.3% in the 2nd quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock valued at $5,648,000 after acquiring an additional 347,079 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Absci in the second quarter worth about $527,000. Squarepoint Ops LLC boosted its stake in Absci by 72.4% during the second quarter. Squarepoint Ops LLC now owns 369,187 shares of the company’s stock valued at $1,137,000 after buying an additional 155,007 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Absci by 521.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 285,764 shares of the company’s stock valued at $880,000 after buying an additional 239,747 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Absci by 73.9% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 731,758 shares of the company’s stock worth $2,254,000 after acquiring an additional 310,946 shares during the last quarter. 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.