Absci (NASDAQ:ABSI) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Key Points

• Absci reported a quarterly earnings loss of ($0.24) per share, missing analysts' expectations of ($0.19).
• The company has a market capitalization of $378.85 million and recently saw a trading increase of 4.2% to reach $2.97.
• KeyCorp and Needham & Company both set price targets of $9.00, while the consensus target price for Absci is currently $8.28.

Absci (NASDAQ:ABSI - Get Free Report) issued its earnings results on Tuesday. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.05), Zacks reports. The firm had revenue of $0.59 million during the quarter, compared to analysts' expectations of $1.39 million. Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%.

Absci Price Performance

Shares of NASDAQ ABSI traded down $0.07 during mid-day trading on Friday, hitting $2.93. The company had a trading volume of 6,132,000 shares, compared to its average volume of 6,845,828. The business's 50-day simple moving average is $2.88 and its 200-day simple moving average is $3.15. The firm has a market cap of $438.09 million, a P/E ratio of -3.12 and a beta of 2.02. Absci has a 12 month low of $2.01 and a 12 month high of $6.33.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ABSI. Morgan Stanley dropped their target price on shares of Absci from $7.00 to $6.40 and set an "overweight" rating on the stock in a report on Monday, July 28th. Needham & Company LLC dropped their price objective on Absci from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Wall Street Zen cut Absci from a "hold" rating to a "strong sell" rating in a research report on Saturday. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Absci presently has an average rating of "Moderate Buy" and an average target price of $8.08.

Insider Activity at Absci

In other news, insider Andreas Busch bought 50,000 shares of the business's stock in a transaction that occurred 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 purchase, the insider owned 327,264 shares of the company's stock, valued at $994,882.56. This trade represents a 18.03% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.49% of the company's stock.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets boosted its position in shares of Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company's stock valued at $29,000 after acquiring an additional 5,385 shares in the last quarter. Legal & General Group Plc lifted its stake in Absci by 45.9% during the second quarter. Legal & General Group Plc now owns 11,690 shares of the company's stock worth $30,000 after purchasing an additional 3,678 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Absci by 35.8% during the second quarter. The Manufacturers Life Insurance Company now owns 40,175 shares of the company's stock valued at $103,000 after purchasing an additional 10,585 shares in the last quarter. Creative Planning boosted its holdings in Absci by 145.4% during the second quarter. Creative Planning now owns 46,882 shares of the company's stock valued at $120,000 after purchasing an additional 27,775 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Absci by 279.4% in the 1st quarter. AQR Capital Management LLC now owns 55,538 shares of the company's stock valued at $139,000 after purchasing an additional 40,901 shares during the period. Institutional investors and hedge funds own 52.05% of the company's stock.

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.