Absci (NASDAQ:ABSI) Stock Price Up 9.9% - What's Next?

Key Points

• Absci Corporation's stock increased by 9.9% to a trading high of $3.72, despite a decline in average daily volume.
• Several analysts have issued conflicting ratings on Absci, with a consensus price target of $7.98, while some analysts have downgraded their outlook.
• Insiders have been active, purchasing a total of 155,785 shares over the last ninety days, indicating potential confidence in the company's future performance.

Absci Corporation (NASDAQ:ABSI - Get Free Report) shares rose 9.9% during mid-day trading on Monday . The company traded as high as $3.72 and last traded at $3.72. Approximately 3,752,808 shares changed hands during trading, a decline of 21% from the average daily volume of 4,753,263 shares. The stock had previously closed at $3.38.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ABSI shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research note on Saturday, September 27th. Morgan Stanley decreased their price target on shares of Absci from $6.40 to $5.89 and set an "overweight" rating on the stock in a report on Monday, August 18th. JPMorgan Chase & Co. began coverage on shares of Absci in a report on Thursday. They set an "overweight" rating for the company. Needham & Company LLC cut their target price on shares of Absci from $9.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, August 13th. Finally, Wall Street Zen downgraded 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 and one has given a Sell rating to the stock. According to data from MarketBeat.com, Absci has an average rating of "Moderate Buy" and a consensus price target of $7.98.

Absci Price Performance

The firm has a market cap of $562.20 million, a P/E ratio of -4.00 and a beta of 2.06. The firm's 50 day moving average is $2.75 and its 200 day moving average is $2.80.

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 the consensus estimate of ($0.19) by ($0.05). The business had revenue of $0.59 million for 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%. As a group, analysts expect that Absci Corporation will post -0.89 EPS for the current year.

Insider Activity

In other Absci news, Director Menelas N. Pangalos purchased 95,785 shares of Absci stock in a transaction dated Monday, September 22nd. The stock was purchased at an average price of $2.66 per share, with a total value of $254,788.10. Following the transaction, the director directly owned 113,960 shares of the company's stock, valued at $303,133.60. This trade represents a 527.02% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andreas Busch purchased 50,000 shares of the company's stock in a transaction dated Monday, July 28th. The shares were acquired at an average price of $3.04 per share, for a total transaction of $152,000.00. Following the purchase, the insider directly owned 327,264 shares in the company, valued at approximately $994,882.56. The trade was a 18.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 155,785 shares of company stock valued at $433,788 over the last ninety days. 10.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE boosted its position in shares of Absci by 18.0% during the fourth quarter. Bank of America Corp DE now owns 88,197 shares of the company's stock worth $231,000 after acquiring an additional 13,476 shares during the last quarter. Griffin Asset Management Inc. grew its position in shares of Absci by 53.1% during the first quarter. Griffin Asset Management Inc. now owns 97,628 shares of the company's stock valued at $245,000 after purchasing an additional 33,868 shares in the last quarter. Synergy Asset Management LLC bought a new stake in shares of Absci in the first quarter worth about $38,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Absci in the first quarter worth about $26,000. Finally, AssuredPartners Investment Advisors LLC purchased a new stake in shares of Absci in the first quarter worth about $29,000. Hedge funds and other institutional investors own 52.05% of the company's stock.

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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