Absci (NASDAQ:ABSI) Reaches New 12-Month High at $6.52

Absci Co. (NASDAQ:ABSI - Get Free Report)'s stock price hit a new 52-week high on Tuesday . The stock traded as high as $6.52 and last traded at $6.49, with a volume of 1377855 shares changing hands. The stock had previously closed at $5.64.

Wall Street Analysts Forecast Growth

ABSI has been the subject of several recent analyst reports. Truist Financial restated a "buy" rating and set a $9.00 target price on shares of Absci in a research note on Tuesday, March 26th. KeyCorp increased their target price on Absci from $5.00 to $8.00 and gave the company an "overweight" rating in a research note on Monday, March 4th. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of Absci in a report on Friday, March 22nd. Finally, Scotiabank reaffirmed an "outperform" rating and issued a $13.00 price target on shares of Absci in a report on Monday, March 25th.

Absci Stock Performance

The stock has a fifty day moving average price of $4.93 and a 200-day moving average price of $3.22. The firm has a market capitalization of $742.72 million, a price-to-earnings ratio of -5.49 and a beta of 2.36. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.03.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings results on Thursday, March 21st. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.02). Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. The business had revenue of $0.34 million for the quarter, compared to analyst estimates of $1.75 million. As a group, analysts anticipate that Absci Co. will post -0.76 earnings per share for the current fiscal year.

Insider Transactions at Absci

In related news, Director Redmile Group, Llc purchased 222,222 shares of Absci stock in a transaction dated Friday, March 1st. The shares were acquired at an average cost of $4.50 per share, for a total transaction of $999,999.00. Following the transaction, the director now directly owns 8,253,316 shares of the company's stock, valued at $37,139,922. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 11.58% of the stock is owned by corporate insiders.

Institutional Trading of Absci

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Absci by 4.5% during the 4th quarter. Vanguard Group Inc. now owns 2,576,141 shares of the company's stock worth $10,820,000 after buying an additional 110,035 shares during the period. Bridgeway Capital Management LLC raised its stake in Absci by 7.3% during the 4th quarter. Bridgeway Capital Management LLC now owns 270,500 shares of the company's stock worth $1,136,000 after buying an additional 18,500 shares during the period. Cubist Systematic Strategies LLC raised its stake in Absci by 23.8% during the 4th quarter. Cubist Systematic Strategies LLC now owns 65,487 shares of the company's stock worth $275,000 after buying an additional 12,578 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Absci during the 4th quarter worth $184,000. Finally, Northern Trust Corp raised its stake in Absci by 21.6% during the 4th quarter. Northern Trust Corp now owns 125,942 shares of the company's stock worth $529,000 after buying an additional 22,388 shares during the period. Institutional investors and hedge funds own 52.05% of the company's stock.

Absci Company Profile

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.