Absci Corporation (NASDAQ:ABSI) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Absci Corporation has received a consensus rating of "Moderate Buy" from analysts, with one sell and six buy recommendations.
• The average 1-year target price for Absci is $7.9780, despite a recent drop in target prices from various analysts.
• Insider transactions indicate strong confidence, with two different insiders significantly increasing their holdings in the company over the past few months.

Absci Corporation (NASDAQ:ABSI - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the seven analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $7.9780.

ABSI has been the subject of several research reports. Wall Street Zen downgraded Absci from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research report on Wednesday, October 8th. Morgan Stanley dropped their target price on Absci from $6.40 to $5.89 and set an "overweight" rating for the company in a research report on Monday, August 18th. JPMorgan Chase & Co. began coverage on Absci in a research report on Thursday, October 2nd. They issued an "overweight" rating for the company. Finally, Needham & Company LLC lowered their price objective on Absci from $9.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, August 13th.

Absci Price Performance

NASDAQ ABSI opened at $4.53 on Friday. The company has a market cap of $677.33 million, a P/E ratio of -4.82 and a beta of 2.06. The stock has a 50-day moving average of $2.98 and a two-hundred day moving average of $2.89. Absci has a 1-year low of $2.01 and a 1-year high of $6.33.

Absci (NASDAQ:ABSI - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.24) earnings per share 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 analyst estimates of $1.39 million. Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. On average, analysts anticipate that Absci will post -0.89 EPS for the current fiscal year.

Insider Transactions at Absci

In related news, insider Andreas Busch acquired 50,000 shares of the stock in a transaction dated Monday, July 28th. The stock was 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. This represents a 18.03% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Menelas N. Pangalos acquired 95,785 shares of the stock in a transaction dated Monday, September 22nd. The shares were bought at an average cost of $2.66 per share, with a total value of $254,788.10. Following the completion of the transaction, the director owned 113,960 shares of the company's stock, valued at approximately $303,133.60. This represents a 527.02% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 155,785 shares of company stock valued at $433,788. 10.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Absci

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABSI. Cambridge Investment Research Advisors Inc. acquired a new position in Absci in the first quarter valued at approximately $26,000. Neuberger Berman Group LLC acquired a new position in Absci in the first quarter valued at approximately $26,000. Banque Transatlantique SA acquired a new position in Absci in the first quarter valued at approximately $28,000. AssuredPartners Investment Advisors LLC acquired a new position in Absci in the first quarter valued at approximately $29,000. Finally, BNP Paribas Financial Markets boosted its holdings in Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company's stock valued at $29,000 after purchasing an additional 5,385 shares in the last quarter. 52.05% of the stock is owned by institutional investors and hedge funds.

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.

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