Absci (NASDAQ:ABSI) Stock Falls 10.1% - Here's Why

Key Points

• Absci shares fell 10.1% to about $10.87 in Friday trading, with volume roughly 75% below its average daily level.
• Analysts remain broadly bullish, with 11 Buy ratings and one Sell rating; the stock has a “Moderate Buy” consensus and a $14.50 average price target.
• The company recently missed quarterly expectations, reporting a $0.21 per-share loss versus a projected $0.19 loss and revenue of $0.32 million versus estimates of $0.92 million.

Absci Corporation (NASDAQ:ABSI - Get Free Report)'s share price was down 10.1% on Friday. The company traded as low as $10.80 and last traded at $10.8740. Approximately 1,084,709 shares changed hands during trading, a decline of 75% from the average session volume of 4,302,006 shares. The stock had previously closed at $12.10.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Absci from $11.00 to $17.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. upped their price target on Absci from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday, October 12th. Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Absci in a report on Wednesday, September 23rd. Finally, BTIG Research set a $15.00 price target on Absci and gave the stock a "buy" rating in a report on Tuesday, September 8th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.50.

Absci Trading Down 13.1%

The business has a 50 day simple moving average of $9.47 and a 200-day simple moving average of $6.43. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -13.15 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 for the quarter, missing analysts' consensus estimates 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 net margin of 7,756.38% and a negative return on equity of 61.71%. Research analysts predict that Absci Corporation will post -0.76 EPS for the current year.

Institutional Investors Weigh In On Absci

Several large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Absci during the second quarter worth $141,112,000. Siren L.L.C. bought a new stake in Absci during the first quarter worth about $5,400,000. Parkman Healthcare Partners LLC acquired a new position in Absci during the 2nd quarter worth approximately $10,366,000. Bank of America Corp DE acquired a new stake in shares of Absci in the second quarter valued at about $6,560,000. Finally, Artia Global Partners LP bought a new position in shares of Absci during the 2nd quarter worth 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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