Absci Co. (NASDAQ:ABSI) Receives $8.50 Consensus Price Target from Analysts

Absci Co. (NASDAQ:ABSI) has been assigned an average recommendation of “Buy” from the six research firms that are presently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have issued a report on the stock in the last year is $8.50.

A number of equities analysts have commented on the stock. KeyCorp reduced their price target on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Wednesday, January 8th. Finally, Guggenheim reaffirmed a “buy” rating and set a $10.00 price target on shares of Absci in a report on Tuesday, December 3rd.

Absci Stock Performance

NASDAQ:ABSI opened at $2.86 on Friday. The firm has a market capitalization of $328.49 million, a PE ratio of -3.08 and a beta of 2.04. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. Absci has a 12-month low of $2.45 and a 12-month high of $6.72. The firm has a 50-day moving average price of $3.19 and a 200 day moving average price of $3.69.

Absci (NASDAQ:ABSI) last posted its earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05). The company had revenue of $1.70 million for the quarter, compared to the consensus estimate of $1.77 million. Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. During the same quarter last year, the business earned ($0.24) EPS. Research analysts anticipate that Absci will post -0.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Absci

Several large investors have recently made changes to their positions in the company. ARK Investment Management LLC lifted its position in Absci by 15.1% during the 3rd quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock valued at $24,210,000 after purchasing an additional 833,734 shares during the period. Marshall Wace LLP lifted its holdings in Absci by 23.3% in the second quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock valued at $5,648,000 after buying an additional 347,079 shares during the period. Fred Alger Management LLC boosted its stake in Absci by 4.3% in the third quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock valued at $28,904,000 after acquiring an additional 309,843 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Absci by 521.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 285,764 shares of the company’s stock worth $880,000 after acquiring an additional 239,747 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Absci during the 3rd quarter valued at $724,000. Institutional investors and hedge funds 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.