Absci Corporation (NASDAQ:ABSI) Receives $8.28 Consensus Price Target from Analysts

Key Points

• Absci Corporation (NASDAQ:ABSI) has received a consensus recommendation of "Buy" from five research firms, with an average target price of $8.28.
• Insider Andreas Busch purchased 50,000 shares at $3.04 each, increasing their ownership by 18.03% and raising overall insider ownership to 10.49%.
• Despite a recent 1.3% decrease in stock price, Absci exceeded earnings expectations with reported earnings of ($0.21) per share, compared to an estimated ($0.23).

Absci Corporation (NASDAQ:ABSI - Get Free Report) has earned a consensus rating of "Buy" from the five research firms that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have covered the stock in the last year is $8.28.

Several equities analysts have issued reports on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $9.00 price target on shares of Absci in a report on Wednesday, May 14th. KeyCorp boosted their price objective on shares of Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. Morgan Stanley dropped their price target on Absci from $7.00 to $6.40 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Finally, Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd.

Insiders Place Their Bets

In related news, insider Andreas Busch bought 50,000 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was purchased at an average cost of $3.04 per share, for a total transaction of $152,000.00. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 10.49% of the company's stock.

Hedge Funds Weigh In On Absci

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. purchased a new position in Absci in the first quarter worth approximately $26,000. Neuberger Berman Group LLC purchased a new stake in Absci during the 1st quarter worth about $26,000. BNP Paribas Financial Markets acquired a new position in shares of Absci during the 4th quarter worth about $28,000. Banque Transatlantique SA purchased a new position in shares of Absci in the 1st quarter valued at about $28,000. Finally, AssuredPartners Investment Advisors LLC purchased a new stake in Absci during the first quarter worth approximately $29,000. 52.05% of the stock is owned by institutional investors and hedge funds.

Absci Price Performance

Shares of ABSI stock traded down $0.09 during mid-day trading on Tuesday, hitting $2.84. The stock had a trading volume of 2,270,050 shares, compared to its average volume of 4,684,543. Absci has a 12-month low of $2.01 and a 12-month high of $6.33. The firm's 50-day moving average is $2.86 and its two-hundred day moving average is $3.19. The firm has a market capitalization of $361.63 million, a P/E ratio of -3.09 and a beta of 2.02.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $1.18 million for the quarter, compared to analysts' expectations of $1.07 million. Absci had a negative net margin of 2,232.13% and a negative return on equity of 53.69%. Analysts expect 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.