Absci (NASDAQ:ABSI) Sees Strong Trading Volume – What’s Next?

Shares of Absci Corporation (NASDAQ:ABSI) saw unusually-strong trading volume on Friday . Approximately 3,214,863 shares traded hands during mid-day trading, a decline of 14% from the previous session’s volume of 3,717,744 shares.The stock last traded at $3.3650 and had previously closed at $3.44.

Analysts Set New Price Targets

A number of research firms have issued reports on ABSI. Morgan Stanley lowered shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 target price for the company. in a research note on Thursday. JPMorgan Chase & Co. assumed coverage on shares of Absci in a research note on Thursday, October 2nd. They set an “overweight” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Wednesday, October 8th. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a research report on Friday, December 12th. Finally, HC Wainwright raised their price objective on Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Absci presently has a consensus rating of “Moderate Buy” and an average target price of $7.66.

Absci Stock Performance

The stock has a market cap of $516.52 million, a price-to-earnings ratio of -3.83 and a beta of 2.11. The company’s 50 day simple moving average is $3.42 and its two-hundred day simple moving average is $3.20.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The company had revenue of $0.38 million during the quarter, compared to analyst estimates of $1.58 million. Absci had a negative return on equity of 60.19% and a negative net margin of 4,071.19%. On average, equities research analysts predict that Absci Corporation will post -0.89 earnings per share for the current fiscal year.

Institutional Trading of Absci

Several large investors have recently added to or reduced their stakes in ABSI. ARK Investment Management LLC raised its holdings in shares of Absci by 21.1% during the 3rd quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock valued at $36,975,000 after purchasing an additional 2,116,845 shares in the last quarter. Heights Capital Management Inc. acquired a new position in Absci during the third quarter worth $6,081,000. Vanguard Group Inc. raised its holdings in Absci by 12.9% during the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after buying an additional 830,336 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Absci by 24.4% in the third quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock worth $9,701,000 after buying an additional 625,451 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Absci during the 2nd quarter worth about $1,575,000. 52.05% of the stock is owned by institutional investors.

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.