Absci (NASDAQ:ABSI) Shares Up 9% - Here's What Happened

Key Points

• Absci shares rose 9% to about $10.30 in midday trading, although volume was roughly 75% below the average session level.
• Analyst sentiment is broadly positive: ten analysts rate the stock Buy and one rates it Sell, with an average price target of $14.56. Truist raised its target to $17, while KeyCorp increased its target to $20.
• The company’s latest results fell short of expectations, reporting a quarterly loss of $0.21 per share versus a projected $0.19 loss and revenue of $0.32 million versus estimates of $0.92 million. Institutional investors own approximately 52.05% of the stock.

Absci Corporation (NASDAQ:ABSI - Get Free Report)'s share price was up 9% during mid-day trading on Tuesday. The company traded as high as $10.45 and last traded at $10.3010. Approximately 1,080,895 shares changed hands during trading, a decline of 75% from the average session volume of 4,286,317 shares. The stock had previously closed at $9.45.

Analyst Ratings Changes

A number of equities research analysts recently commented on ABSI shares. Truist Financial raised their price objective on shares of Absci from $11.00 to $17.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Lifesci Capital started coverage on Absci in a report on Wednesday, September 9th. They set an "outperform" rating on the stock. Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. BTIG Research set a $15.00 target price on Absci and gave the company a "buy" rating in a report on Tuesday, September 8th. Finally, KeyCorp raised their target price on Absci from $16.00 to $20.00 and gave the company an "overweight" rating in a report on Friday, October 16th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $14.56.

Absci Stock Up 11.6%

The company has a market cap of $1.81 billion, a price-to-earnings ratio of -13.18 and a beta of 2.27. The company has a fifty day simple moving average of $9.34 and a two-hundred day simple moving average of $6.31.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly 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). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. The firm had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. On average, research analysts predict that Absci Corporation will post -0.74 EPS for the current year.

Hedge Funds Weigh In On Absci

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. Sterling Capital Management LLC lifted 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 buying an additional 3,756 shares in the last quarter. Herold Advisors Inc. acquired a new position in shares of Absci in the third quarter worth $138,000. WINTON GROUP Ltd purchased a new stake in shares of Absci in the second quarter valued at $445,000. Engineers Gate Manager LP purchased a new stake in shares of Absci in the second quarter valued at $305,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Absci in the second quarter valued at $53,000. Institutional investors and hedge funds own 52.05% of the company's stock.

Absci Company Profile

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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