Absci (NASDAQ:ABSI) Shares Down 7.8% - Should You Sell?

Key Points

• Absci shares fell 7.8% to about $8.80, with trading volume roughly 80% below its average. The company has a $1.52 billion market capitalization and a high beta of 2.35, indicating significant volatility.
• Analyst sentiment remains broadly positive despite the decline: eight analysts rate the stock a Buy and one rates it a Sell, producing a consensus “Moderate Buy” rating and an average price target of $13.43.
• Absci’s latest quarterly results missed expectations, with a loss of $0.21 per share versus the $0.19 consensus and revenue of $0.32 million versus $0.92 million expected. Analysts forecast a full-year loss of approximately $0.74 per share.

Absci Corporation (NASDAQ:ABSI - Get Free Report) traded down 7.8% on Monday . The stock traded as low as $8.75 and last traded at $8.8030. Approximately 870,642 shares were traded during trading, a decline of 80% from the average session volume of 4,435,745 shares. The stock had previously closed at $9.55.

Wall Street Analyst Weigh In

ABSI has been the topic of several recent research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research note on Friday, July 17th. HC Wainwright raised their price objective on Absci from $8.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Wall Street Zen upgraded shares of Absci from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Truist Financial upped their target price on shares of Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Finally, Morgan Stanley reiterated a "positive" rating and issued a $10.00 price target on shares of Absci in a research note on Thursday, June 25th. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $13.43.

Absci Trading Down 7.1%

The company has a market cap of $1.52 billion, a PE ratio of -11.06 and a beta of 2.35. The firm has a 50 day moving average of $9.12 and a two-hundred day moving average of $5.74.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The company had revenue of $0.32 million for the quarter, compared to analysts' expectations of $0.92 million. On average, research analysts forecast that Absci Corporation will post -0.74 EPS for the current year.

Hedge Funds Weigh In On Absci

Several large investors have recently modified their holdings of the stock. Quarry LP purchased a new stake in Absci during the 3rd quarter valued at about $26,000. Essential Partners LLC raised its holdings in Absci by 113,850.0% in the first quarter. Essential Partners LLC now owns 9,116 shares of the company's stock worth $27,000 after buying an additional 9,108 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Absci by 91.2% in the second 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 last quarter. Legal & General Group Plc raised its holdings in 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 last quarter. Finally, Principal Financial Group Inc. bought a new position in shares of Absci in the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 52.05% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source