Absci (NASDAQ:ABSI) Now Covered by Analysts at Guggenheim

Guggenheim began coverage on shares of Absci (NASDAQ:ABSI) in a research report released on Wednesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $10.00 price target on the stock.

Several other analysts have also weighed in on the company. Morgan Stanley initiated coverage on Absci in a report on Wednesday, July 3rd. They issued an overweight rating and a $7.00 price objective for the company. KeyCorp lowered their price objective on Absci from $8.00 to $6.00 and set an overweight rating for the company in a report on Thursday, July 11th. Finally, HC Wainwright reissued a buy rating and issued a $7.00 price objective on shares of Absci in a report on Thursday, August 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus price target of $8.67.

Absci Stock Up 5.0 %

Shares of NASDAQ ABSI opened at $3.80 on Wednesday. Absci has a 1 year low of $1.11 and a 1 year high of $6.72. The firm has a market cap of $429.72 million, a price-to-earnings ratio of -3.28 and a beta of 2.21. 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 simple moving average is $4.04 and its 200-day simple moving average is $4.34.

Absci (NASDAQ:ABSI) last announced 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 return on equity of 44.24% and a negative net margin of 2,838.89%. The business had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $2.05 million. During the same period in the previous year, the firm posted ($0.27) earnings per share. As a group, equities analysts anticipate that Absci will post -0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Absci

A number of hedge funds and other institutional investors have recently bought and sold shares of ABSI. Hsbc Holdings PLC boosted its stake in Absci by 153.8% in the fourth quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock valued at $1,769,000 after acquiring an additional 247,019 shares during the period. Salem Investment Counselors Inc. acquired a new position in Absci in the first quarter valued at approximately $122,000. Cannon Global Investment Management LLC acquired a new position in Absci in the first quarter valued at approximately $104,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Absci in the first quarter valued at approximately $2,390,000. Finally, Capstone Investment Advisors LLC acquired a new position in Absci in the first quarter valued at approximately $1,477,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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.