Absci (NASDAQ:ABSI) Trading Down 4.4% - Here's Why

Key Points

• Absci shares fell 4.4% to about $9.05 in midday trading, with volume down 93% from the average session.
• Analyst sentiment remains mostly positive: eight analysts rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $13.43.
• The company missed quarterly expectations, reporting a loss of $0.21 per share versus the estimated $0.19 loss and revenue of $0.32 million versus the $0.92 million consensus.

Absci Corporation (NASDAQ:ABSI - Get Free Report)'s share price dropped 4.4% during mid-day trading on Friday . The company traded as low as $8.93 and last traded at $9.0470. Approximately 314,958 shares were traded during trading, a decline of 93% from the average session volume of 4,496,032 shares. The stock had previously closed at $9.46.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Absci in a research report on Friday, July 17th. HC Wainwright raised their price objective on shares of Absci from $8.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. Leerink Partners started coverage on shares of Absci in a research note on Thursday, June 4th. They issued an "outperform" rating and a $12.00 target price for the company. Morgan Stanley reissued a "positive" rating and issued a $10.00 target price on shares of Absci in a report on Thursday, June 25th. Finally, Truist Financial increased their price target on Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.43.

Absci Trading Down 5.0%

The stock has a market cap of $1.54 billion, a P/E ratio of -11.17 and a beta of 2.35. The business's fifty day simple moving average is $8.79 and its 200 day simple moving average is $5.47.

Absci (NASDAQ:ABSI - Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). Absci had a negative return on equity of 66.21% and a negative net margin of 7,756.38%.The company had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. On average, analysts predict that Absci Corporation will post -0.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. E Fund Management Co. Ltd. bought a new position in Absci in the 2nd quarter valued at $235,000. Wealthfront Advisers LLC bought a new stake in shares of Absci during the second quarter worth $304,000. BlackRock Inc. bought a new stake in shares of Absci during the second quarter worth $141,112,000. Deutsche Bank AG acquired a new position in shares of Absci during the second quarter valued at $1,591,000. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Absci during the second quarter valued at $123,000. Institutional investors and hedge funds own 52.05% of the company's stock.

Absci Company Profile

Absci Corporation NASDAQ: ABSI is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company's Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci's offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.

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