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

Morgan Stanley assumed coverage on shares of Absci (NASDAQ:ABSI) in a report released on Wednesday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $7.00 price target on the stock.

Other equities analysts have also issued reports about the company. Truist Financial reissued a buy rating and set a $9.00 price target on shares of Absci in a research report on Tuesday, March 26th. HC Wainwright restated a buy rating and issued a $7.00 target price on shares of Absci in a research note on Wednesday, May 15th. Finally, Scotiabank reaffirmed an outperform rating and set a $13.00 price target on shares of Absci in a report on Monday, March 25th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Absci presently has an average rating of Buy and an average target price of $8.80.

Absci Stock Up 7.1 %

ABSI opened at $3.18 on Wednesday. The company has a market cap of $359.59 million, a PE ratio of -2.74 and a beta of 2.20. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.19 and a current ratio of 7.19. Absci has a 1 year low of $1.11 and a 1 year high of $6.72. The firm has a 50 day moving average price of $4.23 and a 200 day moving average price of $4.47.

Absci (NASDAQ:ABSI) last issued its earnings results on Monday, May 13th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). Absci had a negative net margin of 2,042.01% and a negative return on equity of 44.60%. The business had revenue of $0.90 million during the quarter, compared to analysts’ expectations of $2.50 million. During the same period in the prior year, the business posted ($0.26) EPS. Sell-side analysts expect that Absci will post -0.8 earnings per share for the current year.

Insider Activity

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

Institutional Trading of Absci

Several institutional investors have recently added to or reduced their stakes in the business. Comerica Bank bought a new position in shares of Absci in the 1st quarter worth about $31,000. Nations Financial Group Inc. IA ADV bought a new position in Absci in the fourth quarter worth about $42,000. Beacon Pointe Advisors LLC acquired a new position in Absci in the fourth quarter valued at approximately $42,000. SG Americas Securities LLC bought a new position in shares of Absci during the first quarter valued at approximately $63,000. Finally, Avantax Advisory Services Inc. acquired a new stake in shares of Absci during the 1st quarter worth approximately $71,000. Institutional investors own 52.05% of the company’s stock.

Absci Company Profile

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.