Absci (NASDAQ:ABSI) Stock Price Up 9.3%

Absci Co. (NASDAQ:ABSI - Get Free Report)'s share price rose 9.3% on Tuesday . The stock traded as high as $4.93 and last traded at $4.93. Approximately 177,219 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 1,518,357 shares. The stock had previously closed at $4.51.

Wall Street Analysts Forecast Growth

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

Absci Price Performance

The company's fifty day moving average is $5.19 and its 200 day moving average is $3.51. The firm has a market cap of $531.24 million, a price-to-earnings ratio of -3.96 and a beta of 2.36. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 0.03.

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

Insider Buying and Selling at Absci

In other news, Director Redmile Group, Llc purchased 222,222 shares of the business's 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 approximately $37,139,922. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 11.58% of the company's stock.

Hedge Funds Weigh In On Absci

Large investors have recently modified their holdings of the stock. Clarius Group LLC bought a new position in shares of Absci in the third quarter valued at about $40,000. Dimension Capital Management LLC bought a new position in Absci during the third quarter worth about $28,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Absci during the first quarter worth about $2,390,000. Cannon Global Investment Management LLC bought a new position in Absci during the first quarter worth about $104,000. Finally, Salem Investment Counselors Inc. bought a new position in Absci during the first quarter worth about $122,000. 52.05% of the stock is owned by institutional investors.

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.