Absci Corporation (NASDAQ:ABSI) Insider Buys $152,000.00 in 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 purchased 50,000 shares of the firm's stock in a transaction that occurred 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 completion of the purchase, the insider owned 327,264 shares in the company, valued at $994,882.56. This represents a 18.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Absci Trading Down 1.0%

ABSI traded down $0.03 during trading hours on Wednesday, hitting $2.92. The company's stock had a trading volume of 8,835,545 shares, compared to its average volume of 6,149,603. The business's 50-day moving average price is $2.84 and its 200-day moving average price is $3.19. Absci Corporation has a 12 month low of $2.01 and a 12 month high of $6.33. The stock has a market cap of $372.48 million, a price-to-earnings ratio of -3.17 and a beta of 2.01.

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

Institutional Trading of Absci

A number of large investors have recently made changes to their positions in ABSI. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Absci during the first quarter valued at about $26,000. Neuberger Berman Group LLC acquired a new position in shares of Absci during the first quarter valued at about $26,000. BNP Paribas Financial Markets acquired a new position in shares of Absci during the fourth quarter valued at about $28,000. AssuredPartners Investment Advisors LLC acquired a new position in Absci in the 1st quarter worth approximately $29,000. Finally, Ethic Inc. acquired a new position in Absci in the 2nd quarter worth approximately $32,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ABSI shares. Needham & Company LLC reiterated a "buy" rating and issued a $9.00 price target on shares of Absci in a research note on Wednesday, May 14th. Wall Street Zen lowered shares of Absci from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Morgan Stanley dropped their price objective on shares of Absci from $7.00 to $6.40 and set an "overweight" rating on the stock in a report on Monday. Finally, KeyCorp raised their price objective on shares of Absci from $5.00 to $9.00 and gave the stock an "overweight" rating in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, Absci currently has an average rating of "Moderate Buy" and a consensus price target of $8.28.

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.