Absci Target of Unusually Large Options Trading (NASDAQ:ABSI)

Key Points

• Absci Corporation experienced a significant rise in options trading, with 2,589 call options acquired, an increase of approximately 86% over typical volumes.
• The company's stock price increased by 8.5%, closing at $3.40, with 8.2 million shares traded on that day.
• Absci's recent earnings report showed a loss of ($0.24) per share, missing estimates, and analysts have since adjusted ratings and price targets for the stock, with a consensus "Buy" rating at an average target price of $7.98.

Absci Corporation (NASDAQ:ABSI - Get Free Report) saw some unusual options trading activity on Thursday. Traders acquired 2,589 call options on the stock. This represents an increase of approximately 86% compared to the typical volume of 1,391 call options.

Absci Stock Up 8.5%

NASDAQ:ABSI traded up $0.27 on Thursday, reaching $3.40. 8,221,831 shares of the company's stock traded hands, compared to its average volume of 4,727,353. The stock has a 50-day simple moving average of $2.73 and a 200-day simple moving average of $2.80. The firm has a market cap of $507.62 million, a PE ratio of -3.64 and a beta of 2.06. Absci has a 12 month low of $2.01 and a 12 month high of $6.33.

Absci (NASDAQ:ABSI - Get Free Report) last issued its 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). The firm had revenue of $0.59 million during the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative return on equity of 60.21% and a negative net margin of 2,737.94%. On average, equities analysts anticipate that Absci will post -0.89 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have commented on the stock. 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 cut their target price on shares of Absci from $9.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, August 13th. Morgan Stanley cut their target price on shares of Absci from $6.40 to $5.89 and set an "overweight" rating on the stock in a report on Monday, August 18th. Finally, JPMorgan Chase & Co. started coverage on Absci in a report on Thursday. They set an "overweight" rating on the stock. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $7.98.

Insider Buying and Selling at Absci

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

Hedge Funds Weigh In On Absci

Several institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. purchased a new position in Absci in the first quarter valued at about $26,000. Neuberger Berman Group LLC purchased a new position in shares of Absci in the 1st quarter worth approximately $26,000. BNP Paribas Financial Markets bought a new position in shares of Absci during the 4th quarter worth approximately $28,000. Banque Transatlantique SA purchased a new stake in Absci during the first quarter valued at approximately $28,000. Finally, AssuredPartners Investment Advisors LLC acquired a new stake in Absci in the first quarter valued at approximately $29,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

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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