KeyCorp Lowers Absci (NASDAQ:ABSI) Price Target to $5.00

Absci (NASDAQ:ABSI) had its price objective decreased by KeyCorp from $6.00 to $5.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 55.28% from the company’s current price.

Several other analysts also recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Absci in a research note on Wednesday. Guggenheim reissued a “buy” rating and set a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Absci has a consensus rating of “Buy” and an average target price of $8.50.

Absci Stock Performance

Shares of NASDAQ ABSI opened at $3.22 on Wednesday. The stock’s fifty day simple moving average is $3.21 and its 200 day simple moving average is $3.68. The stock has a market capitalization of $369.84 million, a price-to-earnings ratio of -3.46 and a beta of 2.04. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. Absci has a 52-week low of $2.45 and a 52-week high of $6.72.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The firm had revenue of $1.70 million for the quarter, compared to analysts’ expectations of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. During the same period in the prior year, the company posted ($0.24) earnings per share. As a group, sell-side analysts forecast that Absci will post -0.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ABSI. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Absci in the third quarter valued at approximately $53,000. Farther Finance Advisors LLC increased its position in shares of Absci by 119.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after buying an additional 10,275 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Absci during the 3rd quarter worth $86,000. The Manufacturers Life Insurance Company bought a new position in Absci during the second quarter worth about $100,000. Finally, Cherry Creek Investment Advisors Inc. bought a new position in Absci during the third quarter worth about $149,000. Institutional investors 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.