Absci (NASDAQ:ABSI) Now Covered by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has begun coverage of Absci, issuing an "overweight" rating for the stock, which currently has an average target price of $7.98.
• Absci recently reported a quarterly earnings miss, showing an EPS of ($0.24) against expectations of ($0.19), alongside a significant negative net margin of 2,737.94%.
• Insider transactions have been notable, with Director Menelas N. Pangalos purchasing 95,785 shares, increasing his ownership by over 527%, while insiders collectively bought 155,785 shares in the last three months.

Equities research analysts at JPMorgan Chase & Co. assumed coverage on shares of Absci (NASDAQ:ABSI - Get Free Report) in a report issued on Thursday,Benzinga reports. The brokerage set an "overweight" rating on the stock.

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

Absci Stock Up 3.0%

NASDAQ:ABSI opened at $3.13 on Thursday. Absci has a 1-year low of $2.01 and a 1-year high of $6.33. The firm has a market capitalization of $468.00 million, a price-to-earnings ratio of -3.33 and a beta of 2.06. The stock has a fifty day simple moving average of $2.73 and a 200 day simple moving average of $2.80.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.05). Absci had a negative return on equity of 60.21% and a negative net margin of 2,737.94%.The business had revenue of $0.59 million for the quarter, compared to analyst estimates of $1.39 million. Equities analysts predict that Absci will post -0.89 earnings per share for the current year.

Insider Activity

In other news, Director Menelas N. Pangalos purchased 95,785 shares of Absci stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $2.66 per share, for a total transaction of $254,788.10. Following the acquisition, the director directly owned 113,960 shares in the company, valued at $303,133.60. This represents a 527.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Todd Bedrick purchased 10,000 shares of Absci stock in a transaction dated Monday, September 22nd. The shares were purchased at an average price 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 in the company, valued at $487,155.60. The trade was a 5.87% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 155,785 shares of company stock worth $433,788 in the last three months. 10.49% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ABSI. BNP Paribas Financial Markets bought a new position in shares of Absci in the 4th quarter valued at approximately $28,000. Bank of America Corp DE raised its stake in shares of Absci by 18.0% in the 4th quarter. Bank of America Corp DE now owns 88,197 shares of the company's stock valued at $231,000 after acquiring an additional 13,476 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Absci by 1.1% in the 4th quarter. Wellington Management Group LLP now owns 352,805 shares of the company's stock valued at $924,000 after acquiring an additional 3,951 shares in the last quarter. Griffin Asset Management Inc. raised its stake in shares of Absci by 53.1% in the 1st quarter. Griffin Asset Management Inc. now owns 97,628 shares of the company's stock valued at $245,000 after acquiring an additional 33,868 shares in the last quarter. Finally, Synergy Asset Management LLC bought a new position in shares of Absci in the 1st quarter valued at approximately $38,000. 52.05% of the stock is owned by institutional investors.

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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