Absci Corporation (NASDAQ:ABSI) Receives Average Recommendation of "Buy" from Brokerages

Key Points

• Absci Corporation has received an average recommendation of "Buy" from five brokerages, with an average 12-month price target of $7.98.
• Insider Andreas Busch purchased 50,000 shares at $3.04 per share, increasing their stake by 18.03% and reflecting confidence in the company's prospects.
• Despite a recent earnings report showing a loss per share of ($0.24), missing estimates, Absci continues to innovate in AI-driven drug creation.

Absci Corporation (NASDAQ:ABSI - Get Free Report) has received an average recommendation of "Buy" from the five brokerages that are covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $7.9780.

Several research analysts have issued reports on ABSI shares. Needham & Company LLC decreased their target price on shares of Absci from $9.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, August 13th. 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, Morgan Stanley cut their target price on shares of Absci from $6.40 to $5.89 and set an "overweight" rating for the company in a research report on Monday, August 18th.

Insider Transactions at Absci

In other news, insider Andreas Busch purchased 50,000 shares of the company's stock in a transaction on Monday, July 28th. The stock was acquired at an average cost of $3.04 per share, for a total transaction of $152,000.00. Following the completion of the transaction, the insider directly owned 327,264 shares in the company, valued at $994,882.56. This trade represents a 18.03% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 10.49% of the company's stock.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently modified their holdings of the company. ARK Investment Management LLC boosted its position in shares of Absci by 32.5% in the first 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. Geode Capital Management LLC lifted its holdings in shares of Absci by 22.5% in the second quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company's stock worth $6,286,000 after buying an additional 448,984 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Absci in the first quarter worth $5,792,000. Bank of America Corp DE lifted its holdings in shares of Absci by 19.4% in the second quarter. Bank of America Corp DE now owns 1,867,669 shares of the company's stock worth $4,800,000 after buying an additional 303,918 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Absci by 30.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,493,865 shares of the company's stock worth $3,750,000 after buying an additional 350,036 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors.

Absci Stock Performance

Shares of Absci stock opened at $2.60 on Wednesday. The stock has a market capitalization of $388.76 million, a PE ratio of -2.77 and a beta of 2.01. Absci has a 52-week low of $2.01 and a 52-week high of $6.33. The company has a 50-day simple moving average of $2.77 and a two-hundred day simple moving average of $2.80.

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

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