Absci Co. (NASDAQ:ABSI) Receives $8.67 Consensus Price Target from Brokerages

Shares of Absci Co. (NASDAQ:ABSI) have been given a consensus recommendation of “Buy” by the six analysts that are currently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $8.67.

A number of research firms have recently weighed in on ABSI. KeyCorp cut their price target on shares of Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Thursday, August 15th. Finally, Guggenheim started coverage on Absci in a research note on Wednesday, October 2nd. They set a “buy” rating and a $10.00 price target on the stock.

Absci Stock Down 7.2 %

NASDAQ ABSI opened at $3.84 on Friday. Absci has a 12 month low of $1.18 and a 12 month high of $6.72. The company’s 50 day simple moving average is $4.03 and its 200 day simple moving average is $4.14. The company has a market capitalization of $436.06 million, a P/E ratio of -4.13 and a beta of 2.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.49 and a quick ratio of 6.49.

Absci (NASDAQ:ABSI) last released 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). The business had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $2.05 million. Absci had a negative net margin of 2,838.89% and a negative return on equity of 44.24%. During the same quarter in the previous year, the company earned ($0.27) EPS. Equities research analysts expect that Absci will post -0.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

Hedge funds have recently made changes to their positions in the company. ARK Investment Management LLC increased its holdings 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 in the last quarter. Farther Finance Advisors LLC lifted its position in Absci by 119.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after purchasing an additional 10,275 shares during the period. Cherry Creek Investment Advisors Inc. bought a new position in Absci in the third quarter valued at approximately $149,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Absci in the 3rd quarter worth $53,000. Finally, The Manufacturers Life Insurance Company bought a new position in Absci during the second quarter worth about $100,000. Institutional investors and hedge funds 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.