Absci (NASDAQ:ABSI) Upgraded to Strong-Buy at BTIG Research

Absci (NASDAQ:ABSI) was upgraded by equities research analysts at BTIG Research to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on ABSI. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a report on Monday, April 20th. Morgan Stanley set a $4.10 target price on Absci in a report on Thursday, May 14th. Truist Financial increased their target price on Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 target price on shares of Absci in a report on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.82.

Absci Stock Performance

NASDAQ:ABSI opened at $6.75 on Thursday. The company has a market capitalization of $1.05 billion, a PE ratio of -8.13 and a beta of 2.36. The company has a 50 day simple moving average of $4.18 and a two-hundred day simple moving average of $3.45. Absci has a fifty-two week low of $2.24 and a fifty-two week high of $7.34.

Absci (NASDAQ:ABSI) last released its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The business had revenue of $0.22 million during the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. Research analysts predict that Absci will post -0.77 EPS for the current year.

Insider Transactions at Absci

In related news, insider Andreas Busch bought 100,000 shares of Absci stock in a transaction on Thursday, March 12th. The stock was acquired at an average price of $2.29 per share, with a total value 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 represents a 31.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC lifted its position in Absci by 279.4% in the 1st quarter. AQR Capital Management LLC now owns 55,538 shares of the company’s stock worth $139,000 after buying an additional 40,901 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Absci by 17.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 314,858 shares of the company’s stock worth $790,000 after buying an additional 46,975 shares during the last quarter. Woodline Partners LP lifted its position in Absci by 32.9% in the 1st quarter. Woodline Partners LP now owns 1,391,245 shares of the company’s stock worth $3,492,000 after buying an additional 344,270 shares during the last quarter. Geode Capital Management LLC lifted its position in Absci by 22.5% in the 2nd quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock worth $6,286,000 after buying an additional 448,984 shares during the last quarter. Finally, Creative Planning lifted its position in Absci by 145.4% in the 2nd quarter. Creative Planning now owns 46,882 shares of the company’s stock worth $120,000 after buying an additional 27,775 shares during the last quarter. Hedge funds and other institutional investors 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.