Absci (NASDAQ:ABSI) Rating Increased 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 equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

Other equities research analysts have also issued reports about the company. Needham & Company LLC restated a "buy" rating and issued a $9.00 price target on shares of Absci in a research report on Wednesday, May 14th. Morgan Stanley dropped their price target on Absci from $7.00 to $6.40 and set an "overweight" rating for the company in a research report on Monday, July 28th. Finally, KeyCorp upped their price target on Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Absci currently has a consensus rating of "Moderate Buy" and an average price target of $8.28.

Absci Price Performance

ABSI traded down $0.04 on Friday, reaching $2.95. 3,404,189 shares of the stock were exchanged, compared to its average volume of 4,712,956. The company's 50-day moving average price is $2.85 and its 200 day moving average price is $3.20. Absci has a fifty-two week low of $2.01 and a fifty-two week high of $6.33. The firm has a market capitalization of $376.30 million, a PE ratio of -3.21 and a beta of 2.02.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.02. The company had revenue of $1.18 million during 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%. As a group, equities analysts forecast that Absci will post -0.89 earnings per share for the current fiscal year.

Insider Activity at Absci

In related news, insider Andreas Busch acquired 50,000 shares of Absci stock in a transaction dated Monday, July 28th. The shares were acquired at an average cost of $3.04 per share, for a total transaction of $152,000.00. Following the completion of the purchase, the insider 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 10.49% of the stock is currently owned by corporate insiders.

Institutional Trading of Absci

Hedge funds have recently modified their holdings of the stock. Pier 88 Investment Partners LLC raised its stake in Absci by 43.8% in the first quarter. Pier 88 Investment Partners LLC now owns 303,670 shares of the company's stock valued at $762,000 after buying an additional 92,460 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Absci by 32.5% during the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company's stock worth $27,497,000 after purchasing an additional 2,689,153 shares in the last quarter. Two Sigma Investments LP increased its position in shares of 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 purchasing an additional 443,410 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Absci during the first quarter worth about $5,792,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Absci during the fourth quarter worth about $508,000. 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.