Absci (NASDAQ:ABSI) Raised to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Absci (NASDAQ:ABSI - Free Report) from a sell rating to a hold rating in a research report released on Saturday morning.

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

Absci Stock Performance

Shares of NASDAQ:ABSI traded up $0.05 during trading hours on Friday, hitting $2.81. 3,763,334 shares of the company's stock traded hands, compared to its average volume of 2,844,668. The company's fifty day simple moving average is $2.89 and its two-hundred day simple moving average is $3.25. The company has a market cap of $358.44 million, a price-to-earnings ratio of -3.05 and a beta of 2.06. Absci has a 52 week low of $2.01 and a 52 week high of $6.33.

Absci (NASDAQ:ABSI - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.23) by $0.02. The business 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, analysts anticipate that Absci will post -0.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC boosted its stake in shares of Absci by 30.4% in the 4th quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company's stock valued at $21,657,000 after purchasing an additional 1,928,314 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its position in Absci by 28.5% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company's stock valued at $2,997,000 after buying an additional 253,985 shares in the last quarter. Two Sigma Investments LP grew its stake in Absci by 97.2% during the fourth quarter. Two Sigma Investments LP now owns 899,648 shares of the company's stock worth $2,357,000 after buying an additional 443,410 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Absci during the 4th quarter valued at $508,000. Finally, Platinum Investment Management Ltd. increased its stake in shares of Absci by 20.5% in the fourth quarter. Platinum Investment Management Ltd. now owns 551,188 shares of the company's stock valued at $1,444,000 after buying an additional 93,785 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Company Profile

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.