Absci (NASDAQ:ABSI) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Absci (NASDAQ:ABSI - Free Report) from a hold rating to a sell rating in a research report report published on Sunday.

Other equities research analysts have also issued reports about the stock. Guggenheim restated a "buy" rating and issued a $10.00 price objective on shares of Absci in a report on Thursday, March 20th. KeyCorp raised their price objective on Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a research note on Wednesday, April 16th. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of Absci in a report on Wednesday, March 19th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $9.00 price objective on shares of Absci in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, Absci currently has an average rating of "Moderate Buy" and a consensus target price of $8.40.

Absci Price Performance

ABSI stock traded up $0.08 during midday trading on Friday, reaching $2.67. The company had a trading volume of 2,554,066 shares, compared to its average volume of 2,872,369. The company has a market capitalization of $339.95 million, a P/E ratio of -2.90 and a beta of 2.02. Absci has a 1 year low of $2.01 and a 1 year high of $6.33. The firm has a 50-day moving average price of $2.84 and a 200-day moving average price of $3.20.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, beating analysts' consensus estimates of ($0.23) by $0.02. The company had revenue of $1.18 million for the quarter, compared to analysts' expectations of $1.07 million. Absci had a negative return on equity of 53.69% and a negative net margin of 2,232.13%. On average, equities analysts predict that Absci will post -0.89 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Rhumbline Advisers lifted its holdings in Absci by 4.2% in the 4th quarter. Rhumbline Advisers now owns 114,152 shares of the company's stock worth $299,000 after buying an additional 4,593 shares during the period. Charles Schwab Investment Management Inc. increased its position in Absci by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 729,049 shares of the company's stock valued at $1,910,000 after purchasing an additional 31,200 shares during the period. Verdence Capital Advisors LLC bought a new position in Absci in the 4th quarter worth $37,000. Raymond James Financial Inc. bought a new position in Absci in the 4th quarter worth $508,000. Finally, Royce & Associates LP lifted its position in shares of Absci by 472.1% in the 4th quarter. Royce & Associates LP now owns 882,096 shares of the company's stock worth $2,311,000 after purchasing an additional 727,905 shares during the period. 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.