Absci (NASDAQ:ABSI) Shares Up 6.8% – Time to Buy?

Absci Co. (NASDAQ:ABSI) rose 6.8% during trading on Tuesday . The company traded as high as $4.36 and last traded at $4.63. Approximately 454,301 shares traded hands during trading, a decline of 93% from the average daily volume of 6,970,379 shares. The stock had previously closed at $4.33.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ABSI shares. 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. Needham & Company LLC started coverage on shares of Absci in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 price objective for the company. Guggenheim reissued a “buy” rating and issued a $10.00 price objective on shares of Absci in a research report on Tuesday, December 3rd. Finally, KeyCorp dropped their price objective on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $8.57.

Absci Price Performance

The company’s fifty day moving average is $3.39 and its two-hundred day moving average is $3.69. The firm has a market cap of $527.78 million, a price-to-earnings ratio of -4.88 and a beta of 2.11. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63.

Absci (NASDAQ:ABSI) last posted its earnings results 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 net margin of 2,321.56% and a negative return on equity of 46.56%. The firm had revenue of $1.70 million for the quarter, compared to analyst estimates of $1.77 million. During the same period in the previous year, the firm earned ($0.24) earnings per share. Equities research analysts forecast that Absci Co. will post -0.89 EPS for the current year.

Institutional Trading of Absci

A number of institutional investors have recently made changes to their positions in ABSI. JPMorgan Chase & Co. lifted its stake in Absci by 14.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock valued at $189,000 after acquiring an additional 6,409 shares in the last quarter. Barclays PLC raised its position in Absci by 379.6% during the 3rd quarter. Barclays PLC now owns 131,504 shares of the company’s stock valued at $503,000 after purchasing an additional 104,083 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Absci by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 697,849 shares of the company’s stock valued at $2,666,000 after purchasing an additional 11,602 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Absci in the 3rd quarter worth approximately $724,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Absci by 6.8% during the third quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company’s stock valued at $7,388,000 after purchasing an additional 123,896 shares in the last quarter. 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.