Absci (NASDAQ:ABSI) Shares Break Above Fifty Day Moving Average - Here's Why

Key Points

• Absci shares rose 8.3%, reaching $10.26 and closing at $10.17—above their 50-day moving average of $9.57.
• Analysts have a Moderate Buy consensus, with 11 Buy ratings and one Sell; the average price target is $14.50.
• In its latest reported quarter, Absci posted a loss of $0.21 per share and $0.32 million in revenue, both below analyst expectations.

Absci Corporation (NASDAQ:ABSI - Get Free Report) shares crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $9.57 and traded as high as $10.26. Absci shares last traded at $10.17, with a volume of 4,156,529 shares.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Lifesci Capital started coverage on shares of Absci in a report on Wednesday, September 9th. They issued an "outperform" rating on the stock. BTIG Research set a $15.00 price objective on shares of Absci and gave the stock a "buy" rating in a report on Tuesday, September 8th. HC Wainwright reissued a "buy" rating on shares of Absci in a research note on Tuesday, October 20th. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Absci in a research note on Wednesday, September 23rd. Finally, Wall Street Zen raised Absci from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $14.50.

Absci Stock Up 8.3%

The firm has a market cap of $1.75 billion, a PE ratio of -12.71 and a beta of 2.22. The stock has a 50 day moving average price of $9.57 and a two-hundred day moving average price of $6.64.

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

Institutional Investors Weigh In On Absci

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Absci during the second quarter valued at $141,112,000. Siren L.L.C. purchased a new stake in shares of Absci during the 1st quarter worth approximately $5,400,000. Parkman Healthcare Partners LLC bought a new stake in shares of Absci in the second quarter worth $10,366,000. Bank of America Corp DE acquired a new stake in Absci during the 2nd quarter valued at $6,560,000. Finally, Artia Global Partners LP bought a new position in shares of Absci in the second quarter valued at approximately $5,383,000. Institutional investors own 52.05% of the company's stock.

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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