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

Absci Co. (NASDAQ:ABSI) has been assigned an average rating of “Buy” from the five research firms that are presently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $8.40.

A number of research firms recently issued reports on ABSI. KeyCorp reduced their target price on Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Thursday, July 11th. Morgan Stanley initiated coverage on Absci in a research note on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a report on Thursday, August 15th. Finally, Guggenheim initiated coverage on Absci in a report on Wednesday. They issued a “buy” rating and a $10.00 price target for the company.

Absci Price Performance

ABSI stock opened at $3.62 on Wednesday. Absci has a 1 year low of $1.11 and a 1 year high of $6.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.49 and a current ratio of 6.49. The stock’s 50 day moving average price is $4.05 and its 200 day moving average price is $4.35. The firm has a market cap of $409.36 million, a P/E ratio of -3.12 and a beta of 2.21.

Absci (NASDAQ:ABSI) last posted its earnings results on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). Absci had a negative net margin of 2,838.89% and a negative return on equity of 44.24%. The company had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $2.05 million. During the same period in the previous year, the company posted ($0.27) EPS. On average, sell-side analysts expect that Absci will post -0.8 earnings per share for the current fiscal year.

Institutional Trading of Absci

A number of institutional investors and hedge funds have recently made changes to their positions in ABSI. ARK Investment Management LLC increased its holdings in shares of Absci by 68.0% during the 2nd quarter. ARK Investment Management LLC now owns 5,503,888 shares of the company’s stock worth $16,952,000 after buying an additional 2,226,794 shares during the last quarter. Affinity Asset Advisors LLC acquired a new stake in shares of Absci during the 1st quarter worth $5,822,000. Vanguard Group Inc. increased its holdings in shares of Absci by 33.7% during the 1st quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock worth $19,569,000 after buying an additional 869,131 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Absci during the 1st quarter worth $2,390,000. Finally, Nikko Asset Management Americas Inc. acquired a new stake in shares of Absci during the 1st quarter worth $2,386,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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.