Absci Co. (NASDAQ:ABSI) Given Average Rating of “Buy” by Brokerages

Shares of Absci Co. (NASDAQ:ABSI) have received a consensus rating of “Buy” from the five research firms that are covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $8.40.

Several analysts recently commented on the stock. Guggenheim assumed coverage on shares of Absci in a research report on Wednesday. They issued a “buy” rating and a $10.00 price target for the company. Morgan Stanley assumed coverage on shares of Absci in a research report on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a research report on Thursday, August 15th. Finally, KeyCorp cut their price objective on shares of Absci from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Thursday, July 11th.

Absci Trading Down 5.2 %

NASDAQ ABSI opened at $3.62 on Wednesday. The company has a quick ratio of 6.49, a current ratio of 6.49 and a debt-to-equity ratio of 0.01. Absci has a 52 week low of $1.11 and a 52 week high of $6.72. The stock has a market capitalization of $409.36 million, a PE ratio of -3.12 and a beta of 2.21. The firm has a 50 day moving average of $4.05 and a two-hundred day moving average of $4.35.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The firm had revenue of $1.27 million for the quarter, compared to analyst estimates of $2.05 million. Absci had a negative return on equity of 44.24% and a negative net margin of 2,838.89%. During the same quarter last year, the firm earned ($0.27) EPS. As a group, research analysts expect that Absci will post -0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hsbc Holdings PLC boosted its stake in shares of Absci by 153.8% during the 4th quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock worth $1,769,000 after acquiring an additional 247,019 shares in the last quarter. Salem Investment Counselors Inc. purchased a new stake in shares of Absci during the 1st quarter worth approximately $122,000. Cannon Global Investment Management LLC purchased a new stake in shares of Absci during the 1st quarter worth approximately $104,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Absci during the 1st quarter worth approximately $2,390,000. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Absci during the 1st quarter worth approximately $1,477,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

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.