Brokerages Set Absci Co. (NASDAQ:ABSI) Price Target at $8.40

Shares of Absci Co. (NASDAQ:ABSI - Get Free Report) have been assigned a consensus recommendation of "Buy" from the five ratings firms that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $8.40.

A number of brokerages have recently commented on ABSI. KeyCorp lifted their target price on Absci from $5.00 to $9.00 and gave the stock an "overweight" rating in a report on Wednesday, April 16th. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of Absci in a report on Wednesday, March 19th. Wall Street Zen upgraded shares of Absci from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Needham & Company LLC reissued a "buy" rating and issued a $9.00 price target on shares of Absci in a report on Wednesday, May 14th. Finally, Guggenheim reissued a "buy" rating and issued a $10.00 target price on shares of Absci in a research report on Thursday, March 20th.

Absci Price Performance

NASDAQ:ABSI traded up $0.03 during trading hours on Thursday, hitting $2.69. 1,186,511 shares of the stock traded hands, compared to its average volume of 4,633,299. The company has a market cap of $342.62 million, a price-to-earnings ratio of -2.90 and a beta of 2.19. Absci has a 1 year low of $2.01 and a 1 year high of $6.33. The stock has a 50 day moving average price of $2.82 and a 200 day moving average price of $3.27. 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 (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.02. Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The firm had revenue of $1.18 million during the quarter, compared to analyst estimates of $1.07 million. Sell-side analysts forecast that Absci will post -0.89 EPS for the current fiscal year.

Institutional Trading of Absci

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alpha Cubed Investments LLC acquired a new stake in Absci in the fourth quarter valued at approximately $26,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Absci during the 1st quarter valued at approximately $26,000. Ballentine Partners LLC purchased a new position in shares of Absci during the 4th quarter valued at approximately $27,000. Neuberger Berman Group LLC acquired a new stake in Absci in the 1st quarter valued at $26,000. Finally, BNP Paribas Financial Markets purchased a new stake in Absci in the 4th quarter worth $28,000. 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.