Absci (NASDAQ:ABSI) Shares Climb 5.8% Following Analyst Upgrade

Key Points

• Absci shares rose 5.8% to about $8.73 after KeyCorp raised its price target from $16 to $20 while maintaining an overweight rating.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating from 11 analysts and an average price target of $14.56.
• Institutional investors own 52.05% of the company, while Absci’s latest quarter showed a loss of $0.21 per share and revenue of $0.32 million, both below analyst expectations.

Absci Corporation (NASDAQ:ABSI - Get Free Report)'s share price was up 5.8% on Monday after KeyCorp raised their price target on the stock from $16.00 to $20.00. KeyCorp currently has an overweight rating on the stock. Absci traded as high as $8.96 and last traded at $8.7310. 348,373 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 4,313,124 shares. The stock had previously closed at $8.25.

A number of other equities research analysts have also recently issued reports on ABSI. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Absci in a report on Wednesday, September 23rd. Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Truist Financial increased their target price on Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price target on Absci from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, October 12th. Finally, Morgan Stanley restated a "positive" rating and issued a $10.00 price target on shares of Absci in a research note on Thursday, June 25th. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $14.56.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently bought and sold shares of the business. WINTON GROUP Ltd bought a new stake in shares of Absci in the second quarter valued at approximately $445,000. Engineers Gate Manager LP bought a new position in Absci during the 2nd quarter worth $305,000. Integrated Wealth Concepts LLC bought a new position in Absci during the 2nd quarter worth $53,000. Corient Private Wealth LP bought a new position in Absci during the 2nd quarter worth $270,000. Finally, AXQ Capital LP raised its holdings in Absci by 10.5% in the 2nd quarter. AXQ Capital LP now owns 36,000 shares of the company's stock valued at $417,000 after acquiring an additional 3,435 shares in the last quarter. 52.05% of the stock is owned by institutional investors.

Absci Stock Performance

The company has a fifty day simple moving average of $9.34 and a two-hundred day simple moving average of $7.61. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -10.92 and a beta of 2.27.

Absci (NASDAQ:ABSI - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (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 analyst estimates of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. As a group, equities analysts anticipate that Absci Corporation will post -0.74 earnings per share for the current year.

About Absci

Absci Corporation is a biotechnology company that uses generative artificial intelligence and integrated laboratory technologies to discover and develop new medicines. The company focuses primarily on biologics, including antibody-based therapies, and aims to accelerate the process of moving from drug concept to candidate development.

Absci's platform combines artificial intelligence models with biological data generation and laboratory experimentation. Its capabilities include protein and antibody design, target and candidate evaluation, and the development of cell lines and manufacturing processes intended to support biologic drug production.

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