Absci (NASDAQ:ABSI) Shares Down 5.5% - Here's Why

Key Points

• Absci shares fell 5.5% to about $10.90 in mid-day trading, with volume down 89% from the stock’s average daily level.
• Analysts remain broadly optimistic: eight rate Absci a Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $13.71.
• The company’s latest quarter fell short of expectations, reporting a loss of $0.21 per share versus estimates of $0.19 and revenue of $0.32 million versus $0.92 million expected; institutional investors nevertheless own 52.05% of the stock.

Absci Corporation (NASDAQ:ABSI - Get Free Report)'s share price was down 5.5% during mid-day trading on Tuesday. The stock traded as low as $11.41 and last traded at $10.8950. Approximately 464,565 shares traded hands during trading, a decline of 89% from the average daily volume of 4,321,814 shares. The stock had previously closed at $11.53.

Wall Street Analysts Forecast Growth

ABSI has been the subject of several recent research reports. Truist Financial raised their price target on Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research note on Friday, July 17th. BTIG Research set a $15.00 price objective on Absci and gave the stock a "buy" rating in a research report on Tuesday, September 8th. Finally, Morgan Stanley restated a "positive" rating and issued a $10.00 target price on shares of Absci in a report on Thursday, June 25th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Absci presently has an average rating of "Moderate Buy" and a consensus price target of $13.71.

Absci Price Performance

The firm has a market cap of $1.81 billion, a PE ratio of -13.15 and a beta of 2.27. The stock has a 50-day moving average price of $9.10 and a 200 day moving average price of $7.21.

Absci (NASDAQ:ABSI - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%.The business had revenue of $0.32 million for the quarter, compared to analysts' expectations of $0.92 million. As a group, equities research analysts anticipate that Absci Corporation will post -0.74 earnings per share for the current year.

Institutional Trading of Absci

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Absci during the 2nd quarter worth approximately $141,112,000. Baker BROS. Advisors LP acquired a new position in shares of Absci during the fourth quarter worth $7,450,000. Siren L.L.C. purchased a new position in shares of Absci in the first quarter valued at $5,400,000. Parkman Healthcare Partners LLC acquired a new stake in Absci during the 2nd quarter valued at $10,366,000. Finally, Bank of America Corp DE acquired a new stake in Absci during the 2nd quarter valued at $6,560,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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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