Absci (NASDAQ:ABSI) Coverage Initiated by Analysts at Morgan Stanley

Stock analysts at Morgan Stanley started coverage on shares of Absci (NASDAQ:ABSI) in a report issued on Wednesday, Briefing.com reports. The brokerage set an “overweight” rating and a $7.00 price target on the stock. Morgan Stanley’s price target suggests a potential upside of 135.69% from the stock’s previous close.

A number of other analysts also recently weighed in on ABSI. Scotiabank reissued an “outperform” rating and issued a $13.00 price target on shares of Absci in a report on Monday, March 25th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Absci in a research report on Wednesday, May 15th. Finally, Truist Financial restated a “buy” rating and set a $9.00 price target on shares of Absci in a research note on Tuesday, March 26th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $8.80.

Absci Stock Down 1.3 %

ABSI stock opened at $2.97 on Wednesday. The stock has a market capitalization of $335.86 million, a price-to-earnings ratio of -2.56 and a beta of 2.20. The company has a 50-day moving average of $4.26 and a two-hundred day moving average of $4.48. Absci has a 52-week low of $1.11 and a 52-week high of $6.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.19 and a quick ratio of 7.19.

Absci (NASDAQ:ABSI) last announced its earnings results on Monday, May 13th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The business had revenue of $0.90 million for the quarter, compared to the consensus estimate of $2.50 million. Absci had a negative net margin of 2,042.01% and a negative return on equity of 44.60%. During the same quarter in the previous year, the company earned ($0.26) EPS. As a group, equities research analysts anticipate that Absci will post -0.8 EPS for the current year.

Insider Transactions at Absci

In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total value of $13,640,000.00. Following the sale, the insider now owns 11,279,522 shares of the company’s stock, valued at $49,629,896.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Absci news, CFO Zachariah Jonasson sold 19,859 shares of Absci stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $4.98, for a total transaction of $98,897.82. Following the completion of the transaction, the chief financial officer now directly owns 384,751 shares of the company’s stock, valued at $1,916,059.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the completion of the sale, the insider now directly owns 11,279,522 shares in the company, valued at approximately $49,629,896.80. The disclosure for this sale can be found here. 9.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Absci

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABSI. Dimension Capital Management LLC acquired a new position in Absci in the third quarter worth $28,000. Raymond James Financial Services Advisors Inc. bought a new stake in Absci during the 4th quarter worth about $135,000. Jump Financial LLC acquired a new stake in Absci in the 4th quarter valued at about $67,000. Beacon Pointe Advisors LLC bought a new position in shares of Absci in the fourth quarter worth about $42,000. Finally, Nations Financial Group Inc. IA ADV acquired a new position in shares of Absci during the fourth quarter worth approximately $42,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.