HC Wainwright Reaffirms Buy Rating for Absci (NASDAQ:ABSI)

HC Wainwright reissued their buy rating on shares of Absci (NASDAQ:ABSI - Free Report) in a research note released on Friday morning, Benzinga reports. The firm currently has a $7.00 target price on the stock.

A number of other research analysts have also commented on the company. Truist Financial reiterated a buy rating and issued a $9.00 price objective on shares of Absci in a report on Wednesday, March 6th. Scotiabank started coverage on shares of Absci in a research note on Thursday, March 14th. They issued a sector outperform rating and a $13.00 price target for the company. Finally, KeyCorp raised 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.

Absci Price Performance

Shares of ABSI traded down $0.33 during mid-day trading on Friday, reaching $4.95. 1,106,501 shares of the stock traded hands, compared to its average volume of 1,574,898. Absci has a 1 year low of $1.11 and a 1 year high of $6.40. The firm has a fifty day moving average price of $4.53 and a 200 day moving average price of $2.88. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 0.03. The company has a market cap of $460.05 million, a price-to-earnings ratio of -4.23 and a beta of 2.35.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings data 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 net margin of 1,535.13% and a negative return on equity of 38.14%. The firm had revenue of $0.34 million for the quarter, compared to the consensus estimate of $1.75 million. As a group, equities research analysts predict that Absci will post -1.06 earnings per share for the current year.

Insider Buying and Selling at Absci

In other news, Director Redmile Group, Llc bought 222,222 shares of Absci stock in a transaction that occurred on Friday, March 1st. The stock was bought at an average cost of $4.50 per share, with a total value of $999,999.00. Following the acquisition, the director now owns 8,253,316 shares of the company's stock, valued at approximately $37,139,922. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Absci

Several institutional investors have recently bought and sold shares of ABSI. Metropolitan Life Insurance Co NY purchased a new position in Absci during the first quarter worth $33,000. Ameritas Investment Partners Inc. increased its holdings in Absci by 305.3% during the first quarter. Ameritas Investment Partners Inc. now owns 4,312 shares of the company's stock valued at $36,000 after buying an additional 3,248 shares during the period. Royal Bank of Canada raised its position in shares of Absci by 91.4% in the 1st quarter. Royal Bank of Canada now owns 8,916 shares of the company's stock worth $75,000 after acquiring an additional 4,258 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new stake in Absci during the fourth quarter valued at approximately $42,000. Finally, Nations Financial Group Inc. IA ADV purchased a new stake in Absci in the fourth quarter valued at about $42,000. 36.30% of the stock is owned by hedge funds and other institutional investors.

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.