Analysts Set Absci Corporation (NASDAQ:ABSI) PT at $7.98

Key Points

• Absci Corporation (NASDAQ:ABSI) has received an average rating of "Buy" from five analysts, with a consensus 12-month target price of $7.98.
• Insider Andreas Busch recently acquired 50,000 shares at an average price of $3.04, increasing his position in the company by 18.03%.
• Absci reported a quarterly EPS of ($0.24), missing estimates, and has negative metrics including a net margin of -2,737.94%.

Shares of Absci Corporation (NASDAQ:ABSI - Get Free Report) have received a consensus recommendation of "Buy" from the five ratings firms that are presently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have covered the stock in the last year is $7.9780.

ABSI has been the topic of a number of recent analyst reports. Morgan Stanley reduced their price objective on shares of Absci from $6.40 to $5.89 and set an "overweight" rating on the stock in a research report on Monday, August 18th. Wall Street Zen lowered shares of Absci from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Finally, Needham & Company LLC reduced their target price on shares of Absci from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th.

Insider Activity at Absci

In related news, insider Andreas Busch bought 50,000 shares of Absci stock in a transaction dated Monday, July 28th. The shares were acquired at an average cost of $3.04 per share, with a total value of $152,000.00. Following the completion of the transaction, the insider owned 327,264 shares in the company, valued at $994,882.56. The trade was a 18.03% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 10.49% of the company's stock.

Hedge Funds Weigh In On Absci

A number of institutional investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. bought a new position in shares of Absci during the first quarter valued at approximately $26,000. Neuberger Berman Group LLC bought a new position in shares of Absci during the first quarter valued at approximately $26,000. BNP Paribas Financial Markets bought a new position in shares of Absci during the fourth quarter valued at approximately $28,000. Banque Transatlantique SA bought a new position in shares of Absci during the first quarter valued at approximately $28,000. Finally, AssuredPartners Investment Advisors LLC bought a new position in shares of Absci during the first quarter valued at approximately $29,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

Absci Stock Up 0.2%

Absci stock traded up $0.01 during midday trading on Friday, reaching $2.35. The stock had a trading volume of 2,042,456 shares, compared to its average volume of 4,664,398. Absci has a 52-week low of $2.01 and a 52-week high of $6.33. The firm has a market cap of $350.62 million, a price-to-earnings ratio of -2.49 and a beta of 2.01. The company has a fifty day moving average of $2.81 and a 200 day moving average of $2.98.

Absci (NASDAQ:ABSI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.05). Absci had a negative return on equity of 60.21% and a negative net margin of 2,737.94%.The firm had revenue of $0.59 million during the quarter, compared to analysts' expectations of $1.39 million. Equities research analysts predict that Absci will post -0.89 EPS for the current year.

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.