Absci Corporation (NASDAQ:ABSI) Given Average Rating of "Buy" by Brokerages

Absci Corporation (NASDAQ:ABSI - Get Free Report) has been assigned an average recommendation of "Buy" from the five brokerages that are currently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $8.40.

Several brokerages recently commented on ABSI. Morgan Stanley began coverage on Absci in a report on Thursday, July 3rd. They issued an "overweight" rating and a $7.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $9.00 target price on shares of Absci in a report on Wednesday, May 14th. KeyCorp upped their target price on Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of Absci in a report on Wednesday, March 19th. Finally, Wall Street Zen cut Absci from a "hold" rating to a "sell" rating in a report on Sunday, June 29th.

Hedge Funds Weigh In On Absci

Several institutional investors have recently added to or reduced their stakes in ABSI. Charles Schwab Investment Management Inc. lifted its stake in Absci by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 729,049 shares of the company's stock valued at $1,910,000 after buying an additional 31,200 shares during the period. Raymond James Financial Inc. acquired a new position in Absci in the fourth quarter valued at approximately $508,000. Royce & Associates LP lifted its stake in Absci by 472.1% in the fourth quarter. Royce & Associates LP now owns 882,096 shares of the company's stock valued at $2,311,000 after buying an additional 727,905 shares during the period. Nikko Asset Management Americas Inc. raised its position in shares of Absci by 28.5% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company's stock worth $2,997,000 after purchasing an additional 253,985 shares during the period. Finally, Intech Investment Management LLC raised its position in shares of Absci by 56.7% during the fourth quarter. Intech Investment Management LLC now owns 35,265 shares of the company's stock worth $92,000 after purchasing an additional 12,765 shares during the period. 52.05% of the stock is owned by institutional investors and hedge funds.

Absci Price Performance

Shares of ABSI stock opened at $2.73 on Friday. The business's 50 day simple moving average is $2.78 and its 200 day simple moving average is $3.18. Absci has a one year low of $2.01 and a one year high of $6.33. The stock has a market capitalization of $348.24 million, a PE ratio of -2.97 and a beta of 2.01.

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

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