Absci (NASDAQ:ABSI) Reaches New 12-Month High - Still a Buy?

Key Points

• Absci shares reached a new 52-week high of $12.54, closing around $12.38 and significantly above their 50-day and 200-day moving averages.
• Analyst sentiment is largely positive: 11 analysts rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and a $14.50 average price target.
• The company remains unprofitable and recently missed earnings and revenue expectations, reporting a $0.21 quarterly loss per share versus the $0.19 expected and only $0.32 million in revenue.

Absci Corporation (NASDAQ:ABSI - Get Free Report) reached a new 52-week high during trading on Thursday. The stock traded as high as $12.54 and last traded at $12.3770, with a volume of 653,749 shares changing hands. The stock had previously closed at $11.88.

Analysts Set New Price Targets

A number of research firms recently commented on ABSI. BTIG Research set a $15.00 price objective on shares of Absci and gave the stock a "buy" rating in a research note on Tuesday, September 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research note on Thursday, October 15th. Lifesci Capital assumed coverage on shares of Absci in a report on Wednesday, September 9th. They issued an "outperform" rating on the stock. Guggenheim reiterated a "buy" rating on shares of Absci in a research report on Monday, September 28th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Absci in a research report on Tuesday, October 20th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Absci presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.50.

Absci Stock Performance

The business's fifty day moving average price is $9.43 and its 200-day moving average price is $6.39. The stock has a market cap of $2.11 billion, a PE ratio of -15.38 and a beta of 2.27.

Absci (NASDAQ:ABSI - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. Analysts forecast that Absci Corporation will post -0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

Several hedge funds have recently added to or reduced their stakes in the business. HB Wealth Management LLC raised its position in shares of Absci by 28.4% during the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company's stock valued at $39,000 after buying an additional 2,862 shares during the period. Profund Advisors LLC lifted its position in Absci by 4.0% during the 3rd quarter. Profund Advisors LLC now owns 75,705 shares of the company's stock worth $815,000 after acquiring an additional 2,916 shares during the period. AXQ Capital LP raised its position in Absci by 10.5% in the second quarter. AXQ Capital LP now owns 36,000 shares of the company's stock worth $417,000 after acquiring an additional 3,435 shares in the last quarter. Sterling Capital Management LLC increased its stake in Absci by 433.7% in the 3rd quarter. Sterling Capital Management LLC now owns 4,622 shares of the company's stock valued at $50,000 after purchasing an additional 3,756 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in Absci during the 2nd quarter valued at $53,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

About Absci

Absci Corporation NASDAQ: ABSI is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company's technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.

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