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

Shares of Absci Co. (NASDAQ:ABSI) have been given a consensus rating of “Buy” by the seven ratings firms that are covering the stock, MarketBeat.com reports. Seven analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $8.57.

ABSI has been the subject of a number of analyst reports. Needham & Company LLC initiated coverage on Absci in a research report on Wednesday, January 22nd. They set a “buy” rating and a $9.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Absci in a research note on Friday, January 17th. KeyCorp decreased their target price on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Guggenheim reaffirmed a “buy” rating and set a $10.00 target price on shares of Absci in a research note on Tuesday, December 3rd.

Absci Price Performance

Absci stock opened at $3.70 on Tuesday. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $424.98 million, a PE ratio of -3.98 and a beta of 2.11. Absci has a 12 month low of $2.45 and a 12 month high of $6.72. The stock has a 50-day moving average price of $3.23 and a two-hundred day moving average price of $3.67.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The company had revenue of $1.70 million for the quarter, compared to the consensus estimate of $1.77 million. During the same quarter last year, the business earned ($0.24) earnings per share. Analysts expect that Absci will post -0.89 EPS for the current year.

Institutional Trading of Absci

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in Absci by 1.2% during the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company’s stock worth $48,620,000 after purchasing an additional 147,156 shares in the last quarter. Fred Alger Management LLC increased its stake in Absci by 4.3% in the 3rd quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock worth $28,904,000 after acquiring an additional 309,843 shares during the last quarter. ARK Investment Management LLC increased its stake in Absci by 15.1% in the 3rd quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock worth $24,210,000 after acquiring an additional 833,734 shares during the last quarter. Geode Capital Management LLC increased its stake in Absci by 6.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company’s stock worth $7,388,000 after acquiring an additional 123,896 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Absci by 28.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock worth $2,997,000 after acquiring an additional 253,985 shares during the last quarter. Hedge funds and other 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.