Absci (NASDAQ:ABSI) Trading Down 2.6% - What's Next?

Key Points

• Absci Corporation's shares fell 2.6% to a trading price of $4.87, with a significant increase in trading volume compared to its average.
• Analyst ratings for Absci are mixed, with six recommending a "Buy" and one issuing a "Sell," leaving the stock with a consensus rating of "Moderate Buy" and an average price target of $7.98.
• Insiders have recently acquired shares worth over $433,000, indicating increased confidence in the company despite its recent quarterly earnings miss and negative net margins.

Absci Corporation (NASDAQ:ABSI - Get Free Report) shares dropped 2.6% during trading on Thursday . The company traded as low as $4.73 and last traded at $4.87. Approximately 9,928,300 shares were traded during trading, an increase of 42% from the average daily volume of 6,992,239 shares. The stock had previously closed at $5.00.

Analyst Upgrades and Downgrades

ABSI has been the subject of a number of analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Absci in a report on Thursday, October 2nd. They set an "overweight" rating for the company. Morgan Stanley reduced their price target on shares of Absci from $6.40 to $5.89 and set an "overweight" rating on the stock in a research report on Monday, August 18th. Wall Street Zen cut shares of Absci from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Needham & Company LLC reduced their price target on shares of Absci from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Absci in a research report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $7.98.

Absci Trading Down 2.6%

The firm's 50 day simple moving average is $2.95 and its 200-day simple moving average is $2.87. The stock has a market capitalization of $728.16 million, a price-to-earnings ratio of -5.18 and a beta of 2.06.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly 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). Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. The business had revenue of $0.59 million during the quarter, compared to analyst estimates of $1.39 million. As a group, equities research analysts predict that Absci Corporation will post -0.89 earnings per share for the current year.

Insider Buying and Selling at Absci

In other news, CAO Todd Bedrick acquired 10,000 shares of the stock in a transaction dated Monday, September 22nd. The shares were bought at an average cost of $2.70 per share, for a total transaction of $27,000.00. Following the purchase, the chief accounting officer directly owned 180,428 shares of the company's stock, valued at approximately $487,155.60. This trade represents a 5.87% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Menelas N. Pangalos acquired 95,785 shares of the stock in a transaction dated Monday, September 22nd. The shares were purchased at an average price of $2.66 per share, for a total transaction of $254,788.10. Following the completion of the purchase, the director directly owned 113,960 shares in the company, valued at $303,133.60. The trade was a 527.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 155,785 shares of company stock worth $433,788. Insiders own 10.49% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ABSI. ARK Investment Management LLC grew its stake in Absci by 32.5% in the 1st quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company's stock valued at $27,497,000 after buying an additional 2,689,153 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Absci in the 1st quarter valued at about $5,792,000. Marshall Wace LLP bought a new stake in Absci in the 2nd quarter valued at about $1,575,000. Nuveen LLC bought a new stake in Absci in the 1st quarter valued at about $1,251,000. Finally, Geode Capital Management LLC boosted its holdings in Absci by 22.5% in the 2nd quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company's stock valued at $6,286,000 after purchasing an additional 448,984 shares during the period. 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.

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