Absci (NASDAQ:ABSI) Stock Crosses Above 50-Day Moving Average - Here's Why

Key Points

• Absci shares rose 2.9% and crossed above their 50-day moving average of $9.34, trading as high as $9.76 before closing near $9.45.
• Analyst sentiment is broadly positive: 10 analysts rate the stock a Buy versus one Sell, with a consensus rating of “Moderate Buy” and an average price target of $14.56. KeyCorp and Truist recently raised their targets to $20 and $17, respectively.
• The company continues to report weak financial results, including a quarterly EPS loss of $0.21 versus expectations of $0.19 and revenue of $0.32 million versus estimates of $0.92 million; institutional investors own 52.05% of its shares.

Absci Corporation (NASDAQ:ABSI - Get Free Report) shares crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $9.34 and traded as high as $9.76. Absci shares last traded at $9.45, with a volume of 3,362,562 shares.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Guggenheim reaffirmed a "buy" rating on shares of Absci in a report on Monday, September 28th. JPMorgan Chase & Co. raised their price objective on shares of Absci from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday, October 12th. Lifesci Capital initiated coverage on shares of Absci in a research note on Wednesday, September 9th. They set an "outperform" rating for the company. Truist Financial lifted their price objective on Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Finally, KeyCorp upped their target price on Absci from $16.00 to $20.00 and gave the company an "overweight" rating in a research note on Friday, October 16th. Ten research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $14.56.

Absci Trading Up 2.9%

The firm's 50 day moving average is $9.34 and its two-hundred day moving average is $6.31. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -11.81 and a beta of 2.27.

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). The firm 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 expect that Absci Corporation will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

Several institutional investors and hedge funds have recently modified their holdings of ABSI. Sterling Capital Management LLC raised its holdings 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 acquiring an additional 3,756 shares during the last quarter. Herold Advisors Inc. acquired a new stake in shares of Absci during 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. Hedge funds and other 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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