Absci (NASDAQ:ABSI) CAO Purchases $27,000.00 in Stock

Key Points

• Absci's Chief Accounting Officer, Todd Bedrick, recently purchased 10,000 shares of the company's stock for a total of $27,000, increasing his ownership by 5.87%.
• The stock price of Absci has recently decreased by 4.4%, reaching $2.49 per share, which is below its 50-day moving average of $2.77.
• Absci Corporation reported earnings of ($0.24) per share, missing analyst expectations and showing a negative net margin of 2,737.94%.

Absci Corporation (NASDAQ:ABSI - Get Free Report) CAO Todd Bedrick purchased 10,000 shares of the business's stock in a transaction dated Monday, September 22nd. The stock was bought at an average cost of $2.70 per share, with a total value of $27,000.00. Following the completion of the acquisition, the chief accounting officer owned 180,428 shares of the company's stock, valued at approximately $487,155.60. The trade was a 5.87% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Absci Stock Down 4.4%

Shares of ABSI traded down $0.12 during trading hours on Wednesday, reaching $2.49. 4,324,316 shares of the company traded hands, compared to its average volume of 4,669,503. The stock has a market capitalization of $371.56 million, a PE ratio of -2.64 and a beta of 2.01. The stock has a fifty day simple moving average of $2.77 and a 200 day simple moving average of $2.80. Absci Corporation has a fifty-two week low of $2.01 and a fifty-two week 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 (EPS) for the quarter, missing analysts' consensus estimates 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 net margin of 2,737.94% and a negative return on equity of 60.21%. Research analysts predict that Absci Corporation will post -0.89 EPS for the current fiscal year.

Institutional Trading of Absci

Institutional investors and hedge funds have recently bought and sold shares of the business. Lazard Asset Management LLC raised its holdings in Absci by 22.2% in the second quarter. Lazard Asset Management LLC now owns 366,906 shares of the company's stock valued at $942,000 after buying an additional 66,556 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Absci by 91.2% in 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 during the period. Brevan Howard Capital Management LP lifted its holdings in shares of Absci by 248.0% during the 2nd quarter. Brevan Howard Capital Management LP now owns 108,426 shares of the company's stock valued at $279,000 after acquiring an additional 77,272 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Absci by 19.4% during the 2nd quarter. Bank of America Corp DE now owns 1,867,669 shares of the company's stock valued at $4,800,000 after acquiring an additional 303,918 shares in the last quarter. 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 purchasing an additional 11,918 shares during the period. Institutional investors and hedge funds own 52.05% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ABSI shares. Morgan Stanley decreased their price objective on Absci from $6.40 to $5.89 and set an "overweight" rating on the stock in a report on Monday, August 18th. Wall Street Zen cut Absci from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Finally, Needham & Company LLC cut their price objective on shares of Absci from $9.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, August 13th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $7.98.

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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