Menelas Pangalos Acquires 95,785 Shares of Absci (NASDAQ:ABSI) Stock

Key Points

• Menelas Pangalos, a director at Absci Corporation, purchased 95,785 shares at an average price of $2.66 per share, significantly increasing his ownership in the company by 527.02%.
• Absci's stock has recently experienced a 4.4% drop, currently trading at $2.49, with a market capitalization of approximately $371.56 million.
• Analysts have mixed views on Absci, with price targets ranging from $5.89 to $8.00 and a consensus rating of "Buy" across multiple firms.

Absci Corporation (NASDAQ:ABSI - Get Free Report) Director Menelas Pangalos bought 95,785 shares of the stock in a transaction dated Monday, September 22nd. The shares were bought at an average cost of $2.66 per share, with a total value of $254,788.10. Following the completion of the purchase, the director directly owned 113,960 shares of the company's stock, valued at approximately $303,133.60. This trade represents a 527.02% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Absci Stock Down 4.4%

ABSI stock traded down $0.12 during trading on Wednesday, hitting $2.49. The company had a trading volume of 4,324,316 shares, compared to its average volume of 4,669,503. Absci Corporation has a 52-week low of $2.01 and a 52-week high of $6.33. The company has a 50 day simple moving average of $2.77 and a 200-day simple moving average of $2.80. The firm has a market capitalization of $371.56 million, a P/E ratio of -2.64 and a beta of 2.01.

Absci (NASDAQ:ABSI - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.05). Absci had a negative return on equity of 60.21% and a negative net margin of 2,737.94%.The company had revenue of $0.59 million during the quarter, compared to the consensus estimate of $1.39 million. Sell-side analysts forecast that Absci Corporation will post -0.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Morgan Stanley lowered their target price on Absci from $6.40 to $5.89 and set an "overweight" rating for the company in a report on Monday, August 18th. Wall Street Zen cut shares of Absci from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Finally, Needham & Company LLC reduced their price target on shares of Absci from $9.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $7.98.

Institutional Investors Weigh In On Absci

Several institutional investors have recently bought and sold shares of the company. 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. Massachusetts Financial Services Co. MA purchased a new stake in Absci in the first quarter valued at about $5,792,000. Marshall Wace LLP acquired a new stake in Absci in the second quarter worth about $1,575,000. Nuveen LLC purchased a new stake in shares of Absci during the first quarter worth about $1,251,000. Finally, Geode Capital Management LLC increased its holdings in shares of Absci by 22.5% during the second quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company's stock valued at $6,286,000 after acquiring an additional 448,984 shares in the last quarter. 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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