Absci (NASDAQ:ABSI) Releases Earnings Results, Misses Estimates 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) released its earnings results on Tuesday. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05), Zacks reports. Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. The firm had revenue of $0.59 million during the quarter, compared to the consensus estimate of $1.39 million.

Absci Trading Down 2.3%

NASDAQ:ABSI traded down $0.07 during mid-day trading on Friday, hitting $2.93. 6,132,000 shares of the company's stock were exchanged, compared to its average volume of 6,976,567. The company has a 50 day simple moving average of $2.88 and a 200-day simple moving average of $3.15. Absci has a fifty-two week low of $2.01 and a fifty-two week high of $6.33. The firm has a market capitalization of $438.09 million, a P/E ratio of -3.12 and a beta of 2.02.

Insider Buying and Selling

In other Absci news, insider Andreas Busch bought 50,000 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average cost of $3.04 per share, for a total transaction of $152,000.00. Following the transaction, the insider directly owned 327,264 shares in the company, valued at approximately $994,882.56. This represents a 18.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Absci

Several hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC boosted its position in Absci by 22.2% during the 2nd quarter. Lazard Asset Management LLC now owns 366,906 shares of the company's stock worth $942,000 after buying an additional 66,556 shares during the period. BNP Paribas Financial Markets boosted its position in Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company's stock worth $29,000 after buying an additional 5,385 shares during the period. Brevan Howard Capital Management LP boosted its position in Absci by 248.0% during the 2nd quarter. Brevan Howard Capital Management LP now owns 108,426 shares of the company's stock worth $279,000 after buying an additional 77,272 shares during the period. Bank of America Corp DE boosted its position in Absci by 19.4% during the 2nd 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 during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Absci by 24.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,746 shares of the company's stock worth $154,000 after buying an additional 11,918 shares during the period. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ABSI. Needham & Company LLC decreased their price target on shares of Absci from $9.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday. Morgan Stanley decreased their price target 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. Finally, Wall Street Zen lowered shares of Absci from a "hold" rating to a "strong sell" rating in a report on Saturday. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.08.

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.