Analysts Set Absci Corporation (NASDAQ:ABSI) Price Target at $7.08

Shares of Absci Corporation (NASDAQ:ABSI) have been assigned a consensus recommendation of “Hold” from the five brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $6.44.

ABSI has been the topic of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Wednesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $7.00 price objective on shares of Absci in a research report on Wednesday, March 25th. Finally, Morgan Stanley downgraded shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective on the stock. in a research report on Thursday, January 8th.

Absci Trading Up 10.8%

ABSI opened at $3.58 on Friday. Absci has a 1-year low of $2.24 and a 1-year high of $5.23. The company has a market capitalization of $547.82 million, a PE ratio of -4.21 and a beta of 2.00. The firm’s 50 day simple moving average is $2.80 and its two-hundred day simple moving average is $3.26.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Tuesday, March 24th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.07). Absci had a negative return on equity of 62.33% and a negative net margin of 4,113.68%.The business had revenue of $0.65 million during the quarter, compared to the consensus estimate of $1.38 million. Equities analysts forecast that Absci will post -0.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Absci

In other news, insider Andreas Busch acquired 100,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were purchased at an average cost of $2.29 per share, for a total transaction of $229,000.00. Following the transaction, the insider directly owned 421,446 shares of the company’s stock, valued at approximately $965,111.34. This trade represents a 31.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sean Mcclain sold 26,761 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $2.99, for a total transaction of $80,015.39. Following the sale, the chief executive officer owned 8,334,567 shares in the company, valued at $24,920,355.33. The trade was a 0.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.49% of the stock is owned by company insiders.

Institutional Trading of Absci

Institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP bought a new stake in shares of Absci during the 3rd quarter valued at $26,000. Scientech Research LLC bought a new stake in shares of Absci during the 3rd quarter valued at $31,000. HB Wealth Management LLC bought a new stake in shares of Absci during the 3rd quarter valued at $31,000. Principal Financial Group Inc. purchased a new position in Absci during the third quarter valued at $31,000. Finally, Xponance LLC purchased a new position in Absci during the fourth quarter valued at $37,000. 52.05% of the stock is currently 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.