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

Key Points

• Absci's stock rating has been upgraded from "sell" to "hold" by Wall Street Zen, with an overall average rating of "Moderate Buy" from analysts.
• KeyCorp raised their price target on Absci from $5.00 to $9.00, while Morgan Stanley lowered theirs from $7.00 to $6.40.
• Insider Andreas Busch purchased 50,000 shares of Absci, indicating confidence in the company's future performance despite its current challenges.

Absci (NASDAQ:ABSI - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also issued reports on the stock. KeyCorp increased their target price on shares of Absci from $5.00 to $9.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 16th. Morgan Stanley dropped their target price on shares of Absci from $7.00 to $6.40 and set an "overweight" rating for the company in a report on Monday, July 28th. Finally, 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. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Absci presently has a consensus rating of "Moderate Buy" and an average price target of $8.28.

Absci Stock Performance

Shares of NASDAQ ABSI traded down $0.12 during mid-day trading on Friday, hitting $2.84. The stock had a trading volume of 2,602,536 shares, compared to its average volume of 4,698,210. The company has a 50 day moving average of $2.86 and a two-hundred day moving average of $3.19. Absci has a twelve month low of $2.01 and a twelve month high of $6.33. The firm has a market cap of $361.63 million, a PE ratio of -3.09 and a beta of 2.02.

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

Insider Transactions at Absci

In related news, insider Andreas Busch acquired 50,000 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were purchased at an average cost of $3.04 per share, with a total value of $152,000.00. Following the completion of the transaction, the insider owned 327,264 shares of the company's stock, valued at approximately $994,882.56. This trade represents a 18.03% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 10.49% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ABSI. ARK Investment Management LLC lifted its position in Absci by 32.5% during the 1st quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company's stock valued at $27,497,000 after purchasing an additional 2,689,153 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Absci during the 1st quarter worth approximately $5,792,000. Nuveen LLC bought a new stake in Absci during the 1st quarter worth approximately $1,251,000. Two Sigma Advisers LP increased its stake in Absci by 191.9% during the 4th quarter. Two Sigma Advisers LP now owns 676,400 shares of the company's stock worth $1,772,000 after purchasing an additional 444,700 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake in Absci by 97.2% during the 4th quarter. Two Sigma Investments LP now owns 899,648 shares of the company's stock worth $2,357,000 after purchasing an additional 443,410 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.