Absci (NASDAQ:ABSI) Shares Up 9% – Here’s What Happened

Shares of Absci Corporation (NASDAQ:ABSI) rose 9% on Tuesday. The stock traded as high as $10.45 and last traded at $10.3010. 1,080,895 shares were traded during mid-day trading, a decline of 75% from the average session volume of 4,286,317 shares. The stock had previously closed at $9.45.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ABSI shares. Wall Street Zen raised shares of Absci from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Guggenheim reissued a “buy” rating on shares of Absci in a research report on Monday, September 28th. HC Wainwright reissued a “buy” rating on shares of Absci in a research report on Tuesday, October 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research note on Thursday, October 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Absci from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.56.

Absci Price Performance

The company has a 50-day moving average of $9.34 and a two-hundred day moving average of $6.31. The stock has a market capitalization of $1.81 billion, a PE ratio of -13.18 and a beta of 2.27.

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

Institutional Investors Weigh In On Absci

Institutional investors have recently bought and sold shares of the stock. HB Wealth Management LLC raised its stake in Absci by 28.4% during the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock worth $39,000 after acquiring an additional 2,862 shares during the period. AXQ Capital LP lifted its holdings in Absci by 10.5% in the second quarter. AXQ Capital LP now owns 36,000 shares of the company’s stock worth $417,000 after acquiring an additional 3,435 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Absci by 433.7% in the third quarter. Sterling Capital Management LLC now owns 4,622 shares of the company’s stock valued at $50,000 after acquiring an additional 3,756 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Absci in the second quarter valued at approximately $53,000. Finally, Essential Partners LLC grew its holdings in shares of Absci by 113,850.0% during the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after purchasing an additional 9,108 shares during the last quarter. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

About Absci

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company’s technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.