Absci (NASDAQ:ABSI) Hits New 12-Month High – Here’s What Happened

Absci Corporation (NASDAQ:ABSI) hit a new 52-week high on Monday . The company traded as high as $11.45 and last traded at $11.40, with a volume of 823199 shares. The stock had previously closed at $10.89.

Analyst Ratings Changes

Several analysts recently issued reports on ABSI shares. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target (up from $7.00) on shares of Absci in a research note on Wednesday, June 24th. Guggenheim lifted their target price on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. HC Wainwright upped their price target on shares of Absci from $8.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Truist Financial upped their price target 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. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Absci has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Absci Stock Performance

The company has a fifty day simple moving average of $5.96 and a two-hundred day simple moving average of $4.07. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -13.37 and a beta of 2.44.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The company had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $1.39 million. As a group, equities analysts anticipate that Absci Corporation will post -0.71 earnings per share for the current year.

Hedge Funds Weigh In On Absci

Hedge funds and other institutional investors have recently made changes to their positions in the company. ARK Investment Management LLC increased its stake 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 during the last quarter. Heights Capital Management Inc. acquired a new stake in shares of Absci in the 3rd quarter valued at $6,081,000. Baker BROS. Advisors LP acquired a new stake in shares of Absci in the 4th quarter valued at $7,450,000. UBS Group AG increased its stake in shares of Absci by 35.4% in the 4th quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock valued at $9,421,000 after purchasing an additional 706,396 shares during the last quarter. Finally, Platinum Investment Management Ltd. bought a new position in shares of Absci in the 4th quarter valued at $830,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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.