Absci (NASDAQ:ABSI) Shares Up 8.5% – Here’s What Happened

Absci Corporation (NASDAQ:ABSI)’s share price was up 8.5% on Tuesday . The company traded as high as $9.52 and last traded at $9.5910. 268,371 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 4,419,282 shares. The stock had previously closed at $8.84.

Wall Street Analyst Weigh In

ABSI has been the topic of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Absci in a report on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Friday, July 17th. Wall Street Zen upgraded Absci from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. HC Wainwright lifted their price target on Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Finally, Morgan Stanley reiterated a “positive” rating and set a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Absci presently has an average rating of “Moderate Buy” and a consensus target price of $13.43.

Absci Price Performance

The stock has a market capitalization of $1.63 billion, a PE ratio of -11.92 and a beta of 2.35. The company’s 50 day moving average price is $9.16 and its two-hundred day moving average price is $5.78.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.32 million for the quarter, compared to analysts’ expectations of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. Analysts forecast that Absci Corporation will post -0.74 earnings per share for the current year.

Institutional Investors Weigh In On Absci

A number of large investors have recently made changes to their positions in the stock. ARK Investment Management LLC increased its holdings in shares of Absci by 3.2% in the fourth quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock valued at $43,802,000 after purchasing an additional 388,026 shares during the last quarter. BlackRock Inc. acquired a new position in Absci during the second quarter worth $141,112,000. Vanguard Group Inc. grew its holdings in Absci by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after buying an additional 830,336 shares in the last quarter. State Street Corp grew its holdings in Absci by 190.1% in the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock valued at $20,908,000 after buying an additional 3,925,926 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Absci by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock worth $11,309,000 after acquiring an additional 186,708 shares during the last quarter. 52.05% of the stock is currently owned by hedge funds and other 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.