Absci (NASDAQ:ABSI) Stock Price Down 8.3% – What’s Next?

Absci Corporation (NASDAQ:ABSI) shares dropped 8.3% during mid-day trading on Wednesday . The company traded as low as $9.87 and last traded at $9.8240. 1,197,437 shares were traded during trading, a decline of 72% from the average session volume of 4,342,865 shares. The stock had previously closed at $10.71.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Leerink Partners started coverage on shares of Absci in a report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research report on Friday, July 17th. Guggenheim raised their target price on Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Wall Street Zen raised Absci from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, 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. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.71.

Absci Price Performance

The firm has a market cap of $1.64 billion, a P/E ratio of -11.91 and a beta of 2.42. The firm’s 50-day moving average price is $8.71 and its 200 day moving average price is $6.71.

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). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The firm had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. Analysts forecast that Absci Corporation will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Absci during the second quarter worth $141,112,000. Baker BROS. Advisors LP bought a new stake in shares of Absci during the 4th quarter valued at about $7,450,000. Siren L.L.C. bought a new stake in shares of Absci during the 1st quarter valued at about $5,400,000. Parkman Healthcare Partners LLC acquired a new stake in Absci during the second quarter worth about $10,366,000. Finally, Bank of America Corp DE acquired a new stake in Absci during the second quarter worth about $6,560,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

About Absci

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company’s capabilities include target discovery, protein design, antibody generation, and experimental validation.