Absci (NASDAQ:ABSI) Trading 7.3% Higher – Should You Buy?

Absci Corporation (NASDAQ:ABSI)’s share price was up 7.3% during mid-day trading on Friday . The stock traded as high as $6.98 and last traded at $6.9860. Approximately 582,543 shares were traded during trading, a decline of 86% from the average daily volume of 4,164,209 shares. The stock had previously closed at $6.51.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ABSI shares. BTIG Research assumed coverage on shares of Absci in a report on Thursday, May 28th. They set a “buy” rating and a $9.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Absci in a report on Wednesday, March 25th. Leerink Partners assumed coverage on shares of Absci in a research note on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective on the stock. Truist Financial upped their price objective on shares of Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Finally, Morgan Stanley set a $4.10 target price on shares of Absci in a research report on Thursday, May 14th. Six 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $8.52.

Absci Price Performance

The business’s fifty day moving average is $4.83 and its 200-day moving average is $3.68. The firm has a market cap of $1.04 billion, a PE ratio of -7.97 and a beta of 2.44.

Absci (NASDAQ:ABSI) last issued its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The firm had revenue of $0.22 million during the quarter, compared to analyst estimates of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. Analysts forecast that Absci Corporation will post -0.72 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ABSI. ARK Investment Management LLC boosted its holdings in Absci by 21.1% in the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock valued at $36,975,000 after acquiring an additional 2,116,845 shares in the last quarter. Heights Capital Management Inc. bought a new stake in shares of Absci during the 3rd quarter valued at $6,081,000. UBS Group AG boosted its holdings in shares of Absci by 35.4% during the 4th quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock valued at $9,421,000 after buying an additional 706,396 shares in the last quarter. Amova Asset Management Americas Inc. boosted its stake in Absci by 3.2% in the 3rd quarter. Amova Asset Management Americas Inc. now owns 1,494,047 shares of the company’s stock worth $4,542,000 after purchasing an additional 46,563 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Absci by 11.7% in the 3rd quarter. Rhumbline Advisers now owns 171,499 shares of the company’s stock worth $521,000 after purchasing an additional 17,945 shares in the last quarter. 52.05% of the stock is owned by hedge funds and other institutional investors.

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.