Absci (NASDAQ:ABSI) Given New $11.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on Absci to $11.00 and kept a "buy" rating, implying about a 97.66% upside from the company's previous close.
• Analyst sentiment is mixed — four Buys, one Hold and one Sell — with a MarketBeat average rating of "Moderate Buy" and an average price target of $7.58, well below Truist's target.
• ABSI shares traded around $5.57 (market cap ~$865M); the company slightly beat EPS expectations for the quarter but missed revenue estimates, while insider Andreas Busch bought 100,000 shares and insiders own about 10.5% of the stock.

Absci (NASDAQ:ABSI - Get Free Report) had its price objective upped by research analysts at Truist Financial from $9.00 to $11.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's target price points to a potential upside of 97.66% from the company's previous close.

A number of other analysts also recently issued reports on ABSI. Morgan Stanley downgraded shares of Absci from an "overweight" rating to an "equal weight" rating and set a $4.32 price target on the stock. in a report on Thursday, January 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Absci in a report on Monday, April 20th. Finally, Needham & Company LLC restated a "buy" rating and set a $7.00 price objective on shares of Absci in a research report on Wednesday, March 25th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $7.58.

Absci Stock Performance

Shares of ABSI stock traded down $0.19 during mid-day trading on Friday, hitting $5.57. The company's stock had a trading volume of 4,108,631 shares, compared to its average volume of 4,043,827. The stock has a market cap of $865.08 million, a price-to-earnings ratio of -6.55 and a beta of 2.36. Absci has a 52-week low of $2.24 and a 52-week high of $6.24. The business has a 50-day moving average price of $3.29 and a 200 day moving average price of $3.31.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.01. Absci had a negative return on equity of 62.33% and a negative net margin of 4,113.68%.The company had revenue of $0.22 million for the quarter, compared to analysts' expectations of $1.39 million. Equities research analysts predict that Absci will post -0.7 EPS for the current fiscal year.

Insider Buying and Selling

In other Absci news, insider Andreas Busch purchased 100,000 shares of the firm's stock in a transaction on Thursday, March 12th. The shares were acquired at an average cost of $2.29 per share, for a total transaction of $229,000.00. Following the completion of the transaction, the insider owned 421,446 shares of the company's stock, valued at approximately $965,111.34. The trade was a 31.11% increase in their ownership of the stock. The acquisition 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

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. purchased a new position in Absci during the first quarter valued at $31,000. HB Wealth Management LLC increased its position in Absci by 28.4% in the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company's stock worth $39,000 after buying an additional 2,862 shares in the last quarter. Invesco Ltd. raised its stake in shares of Absci by 14.3% in the fourth quarter. Invesco Ltd. now owns 54,550 shares of the company's stock worth $190,000 after buying an additional 6,826 shares during the period. XTX Topco Ltd raised its stake in shares of Absci by 380.9% in the fourth quarter. XTX Topco Ltd now owns 136,874 shares of the company's stock worth $478,000 after buying an additional 108,413 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Absci by 8.5% during the 4th quarter. Wellington Management Group LLP now owns 410,124 shares of the company's stock valued at $1,431,000 after buying an additional 32,267 shares in the last quarter. 52.05% of the stock is owned by institutional investors.

Absci Company Profile

Absci Corporation NASDAQ: ABSI is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company's Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci's offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.

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