Absci (NASDAQ:ABSI) Shares Gap Up – Here’s What Happened

Absci Corporation (NASDAQ:ABSI) shares gapped up prior to trading on Wednesday . The stock had previously closed at $8.85, but opened at $9.42. Absci shares last traded at $9.6360, with a volume of 812,214 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently commented on ABSI. Wall Street Zen raised shares of Absci from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Leerink Partners assumed coverage on shares of Absci in a research report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price target for the company. Truist Financial boosted their price target on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Morgan Stanley restated a “positive” rating and issued a $10.00 price target on shares of Absci in a report on Thursday, June 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Absci in a research note on Wednesday, August 12th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.43.

Absci Trading Down 7.1%

The stock’s 50 day moving average is $9.07 and its 200 day moving average is $5.70. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -11.60 and a beta of 2.35.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. On average, sell-side analysts anticipate that Absci Corporation will post -0.71 EPS for the current year.

Institutional Investors Weigh In On Absci

Institutional investors and hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC increased its position in Absci by 3.2% during the fourth quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock worth $43,802,000 after buying an additional 388,026 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Absci in the second quarter valued at $141,112,000. Vanguard Group Inc. lifted its position in shares of Absci by 12.9% in the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after acquiring an additional 830,336 shares in the last quarter. State Street Corp boosted its stake in shares of Absci by 190.1% during the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock valued at $20,908,000 after acquiring an additional 3,925,926 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Absci by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock valued at $11,309,000 after acquiring an additional 186,708 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.