Absci Corporation (NASDAQ:ABSI) Receives $8.40 Consensus Target Price from Brokerages

Shares of Absci Corporation (NASDAQ:ABSI - Get Free Report) have been assigned a consensus rating of "Buy" from the five brokerages that are presently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a buy recommendation. The average 12 month target price among analysts that have covered the stock in the last year is $8.40.

Several research analysts recently issued reports on the company. KeyCorp upped their target price on Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a research report on Wednesday, April 16th. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price objective on shares of Absci in a research report on Wednesday, March 19th. Wall Street Zen lowered shares of Absci from a "hold" rating to a "sell" rating in a research note on Friday, May 30th. Needham & Company LLC reaffirmed 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 set a $10.00 price objective on shares of Absci in a report on Thursday, March 20th.

Institutional Trading of Absci

Several large investors have recently made changes to their positions in ABSI. ARK Investment Management LLC boosted its holdings in Absci by 32.5% in the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company's stock valued at $27,497,000 after purchasing an additional 2,689,153 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Absci in the 1st quarter valued at about $5,792,000. Royce & Associates LP boosted its stake in shares of Absci by 472.1% in the fourth quarter. Royce & Associates LP now owns 882,096 shares of the company's stock worth $2,311,000 after buying an additional 727,905 shares during the last quarter. Nuveen LLC purchased a new position in Absci during the first quarter valued at approximately $1,251,000. Finally, Two Sigma Advisers LP lifted its holdings in Absci by 191.9% in the fourth quarter. Two Sigma Advisers LP now owns 676,400 shares of the company's stock valued at $1,772,000 after acquiring an additional 444,700 shares during the period. 52.05% of the stock is owned by hedge funds and other institutional investors.

Absci Price Performance

ABSI stock traded down $0.11 during trading on Monday, reaching $2.71. 3,126,262 shares of the company traded hands, compared to its average volume of 2,809,374. The business has a 50 day simple moving average of $2.89 and a 200 day simple moving average of $3.26. Absci has a 12 month low of $2.01 and a 12 month high of $6.33.

Absci (NASDAQ:ABSI - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.21) EPS for the quarter, beating analysts' consensus estimates of ($0.23) by $0.02. The company had revenue of $1.18 million during the quarter, compared to analysts' expectations of $1.07 million. Absci had a negative net margin of 2,232.13% and a negative return on equity of 53.69%. Research analysts predict that Absci will post -0.89 earnings per share for the current fiscal year.

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.