Absci Corporation (NASDAQ:ABSI) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Absci has a “Moderate Buy” consensus rating: Eight of nine covering analysts recommend buying the stock, while one rates it a sell. The average 12-month price target is $13.71, with recent targets ranging from $10 to $17.
• Institutional investors and hedge funds own 52.05% of Absci; several firms increased their positions or initiated new stakes during the second quarter.
• ABSI opened at $8.91, well above its 52-week low of $2.24, but the company recently missed quarterly expectations, reporting a $0.21 loss per share versus a $0.19 consensus loss and revenue of $0.32 million versus estimates of $0.92 million.

Absci Corporation (NASDAQ:ABSI - Get Free Report) has been given an average recommendation of "Moderate Buy" by the nine research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $13.7143.

ABSI has been the topic of several recent analyst reports. Leerink Partners initiated coverage on shares of Absci in a research note on Thursday, June 4th. They set an "outperform" rating and a $12.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price target on shares of Absci in a report on Wednesday, August 12th. Morgan Stanley reissued a "positive" rating and set a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Wall Street Zen raised Absci from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Truist Financial raised their price objective on Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd.

Institutional Trading of Absci

Several institutional investors have recently made changes to their positions in ABSI. Corient Private Wealth LP acquired a new position in Absci in the 2nd quarter valued at approximately $270,000. California State Teachers Retirement System boosted its stake in shares of Absci by 199.1% during the 2nd quarter. California State Teachers Retirement System now owns 22,079 shares of the company's stock valued at $256,000 after buying an additional 14,698 shares during the period. AXQ Capital LP grew its holdings in shares of Absci by 10.5% during the 2nd quarter. AXQ Capital LP now owns 36,000 shares of the company's stock valued at $417,000 after acquiring an additional 3,435 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Absci by 10.4% during the 2nd quarter. Wellington Management Group LLP now owns 405,085 shares of the company's stock valued at $4,695,000 after acquiring an additional 38,277 shares in the last quarter. Finally, Artia Global Partners LP acquired a new position in shares of Absci in the second quarter worth $5,383,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Trading Up 1.0%

ABSI stock opened at $8.91 on Wednesday. Absci has a one year low of $2.24 and a one year high of $12.06. The firm has a 50-day moving average of $9.16 and a two-hundred day moving average of $6.28. The firm has a market capitalization of $1.53 billion, a PE ratio of -11.14 and a beta of 2.42.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. On average, equities research analysts anticipate that Absci will post -0.74 earnings per share for the current year.

About Absci

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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