Andreas Busch Buys 50,000 Shares of Absci Corporation (NASDAQ:ABSI) Stock

Key Points

• Insider Andreas Busch purchased 50,000 shares of Absci Corporation stock for $152,000, resulting in an 18.03% increase in his holdings.
• Absci reported a loss of ($0.21) earnings per share for its latest quarter, which surpassed analysts' estimates.
• Analysts have issued mixed ratings on Absci, with a consensus target price of $8.28 and varying opinions from "overweight" to "sell."

Absci Corporation (NASDAQ:ABSI - Get Free Report) insider Andreas Busch acquired 50,000 shares of the company's stock in a transaction on Monday, July 28th. The stock was acquired at an average price of $3.04 per share, with a total value of $152,000.00. Following the acquisition, the insider owned 327,264 shares in the company, valued at approximately $994,882.56. This trade represents a 18.03% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Absci Stock Performance

Shares of ABSI traded up $0.07 on Friday, hitting $2.90. 4,908,881 shares of the stock traded hands, compared to its average volume of 6,539,481. Absci Corporation has a one year low of $2.01 and a one year high of $6.33. The company has a market capitalization of $369.92 million, a PE ratio of -3.15 and a beta of 2.01. The business has a 50 day simple moving average of $2.85 and a 200 day simple moving average of $3.19.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ABSI. ARK Investment Management LLC grew its position in Absci by 32.5% in the 1st quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company's stock worth $27,497,000 after purchasing an additional 2,689,153 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in Absci during the first quarter valued at $5,792,000. Nuveen LLC bought a new position in Absci in the first quarter valued at about $1,251,000. Two Sigma Advisers LP boosted its position in Absci by 191.9% in the fourth quarter. Two Sigma Advisers LP now owns 676,400 shares of the company's stock worth $1,772,000 after purchasing an additional 444,700 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of Absci by 97.2% during the 4th quarter. Two Sigma Investments LP now owns 899,648 shares of the company's stock valued at $2,357,000 after purchasing an additional 443,410 shares during the period. 52.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ABSI has been the subject of a number of research analyst reports. KeyCorp raised their target price on Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a research note on Wednesday, April 16th. Needham & Company LLC restated a "buy" rating and set a $9.00 target price on shares of Absci in a report on Wednesday, May 14th. Morgan Stanley decreased their price target on shares of Absci from $7.00 to $6.40 and set an "overweight" rating for the company in a research note on Monday, July 28th. Finally, Wall Street Zen raised shares of Absci from a "sell" rating to a "hold" rating in a research note on Saturday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.28.

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.