Absci (NASDAQ:ABSI) Reaches New 52-Week High After Analyst Upgrade

Key Points

• Absci shares hit a new 52-week high after Truist Financial raised its price target from $9 to $11 and kept a buy rating. The stock traded as high as $6.35, up from the previous close of $5.90.
• Analyst sentiment is mixed, but still leans positive overall: the consensus rating is Moderate Buy with an average price target of $7.58. Recent views include Morgan Stanley cutting to equal weight, Needham reiterating buy, and Weiss Ratings maintaining a sell.
• Absci reported a smaller-than-expected quarterly loss of $0.19 per share, beating estimates by a penny, though revenue came in well below forecasts. The company remains unprofitable, with analysts expecting a loss of $0.83 per share for the current year.

Absci Corporation (NASDAQ:ABSI - Get Free Report) hit a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $9.00 to $11.00. Truist Financial currently has a buy rating on the stock. Absci traded as high as $6.35 and last traded at $6.4210, with a volume of 755359 shares changing hands. The stock had previously closed at $5.90.

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

Insider Buying and Selling at Absci

In related news, insider Andreas Busch acquired 100,000 shares of Absci stock in a transaction dated Thursday, March 12th. The stock was acquired at an average cost of $2.29 per share, with a total value of $229,000.00. Following the purchase, the insider directly owned 421,446 shares in the company, valued at $965,111.34. The trade was a 31.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 10.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Absci

Several large investors have recently modified their holdings of the stock. HB Wealth Management LLC boosted its stake in shares of Absci by 28.4% during the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company's stock worth $39,000 after acquiring an additional 2,862 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of Absci by 41.9% in the third quarter. Jones Financial Companies Lllp now owns 12,317 shares of the company's stock worth $37,000 after buying an additional 3,638 shares during the period. Legal & General Group Plc boosted its position in shares of Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company's stock worth $30,000 after buying an additional 3,678 shares during the period. SG Americas Securities LLC boosted its position in shares of Absci by 20.7% in the third quarter. SG Americas Securities LLC now owns 21,882 shares of the company's stock worth $67,000 after buying an additional 3,758 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of Absci by 5.6% in the fourth quarter. Deutsche Bank AG now owns 92,148 shares of the company's stock worth $322,000 after buying an additional 4,892 shares during the period. 52.05% of the stock is owned by institutional investors.

Absci Stock Up 9.6%

The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -7.79 and a beta of 2.36. The company 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 issued its earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.01. The business had revenue of $0.22 million during the quarter, compared to analysts' expectations of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. Equities analysts forecast that Absci Corporation will post -0.83 EPS for the current year.

About Absci

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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