Absci (NASDAQ:ABSI) Shares Gap Down to $5.06

Absci Co. (NASDAQ:ABSI - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $5.06, but opened at $4.60. Absci shares last traded at $4.95, with a volume of 174,416 shares.

Wall Street Analyst Weigh In

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

Absci Trading Down 4.5 %

The business's 50-day moving average price is $5.16 and its 200 day moving average price is $3.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.08 and a quick ratio of 4.08. The firm has a market capitalization of $546.18 million, a price-to-earnings ratio of -4.17 and a beta of 2.39.

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

Insider Buying and Selling

In other Absci news, Director Redmile Group, Llc bought 222,222 shares of the stock in a transaction on Friday, March 1st. The stock was purchased at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the purchase, the director now directly owns 8,253,316 shares in the company, valued at $37,139,922. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.81% of the company's stock.

Hedge Funds Weigh In On Absci

Several hedge funds and other institutional investors have recently modified their holdings of the company. D Orazio & Associates Inc. boosted its holdings in shares of Absci by 27.3% during the first quarter. D Orazio & Associates Inc. now owns 28,000 shares of the company's stock valued at $159,000 after acquiring an additional 6,000 shares during the period. Nations Financial Group Inc. IA ADV acquired a new stake in Absci in the fourth quarter worth about $42,000. Beacon Pointe Advisors LLC acquired a new stake in Absci in the fourth quarter worth about $42,000. SG Americas Securities LLC acquired a new stake in Absci in the first quarter worth about $63,000. Finally, Avantax Advisory Services Inc. acquired a new stake in Absci in the first quarter worth about $71,000. Institutional investors and hedge funds own 52.05% of the company's stock.

About Absci

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.