Absci (NASDAQ:ABSI) Stock Jumps 13.2% - Still a Buy?

Key Points

• Absci shares rose 13.2% to $10.12, although trading volume was 93% below the average daily volume.
• Analyst sentiment is broadly positive: eight analysts rate the stock a Buy and one rates it Sell, resulting in a “Moderate Buy” consensus and an average price target of $13.71.
• The company continues to report weak fundamentals, including a quarterly EPS loss of $0.21 versus the expected $0.19 loss, revenue of $0.32 million versus $0.92 million expected, and a projected full-year loss of $0.74 per share.

Absci Corporation (NASDAQ:ABSI - Get Free Report)'s stock price was up 13.2% on Friday. The company traded as high as $9.30 and last traded at $10.12. 297,880 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 4,339,267 shares. The stock had previously closed at $8.94.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Truist Financial raised their price target on Absci from $11.00 to $17.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Needham & Company LLC reissued a "buy" rating and issued a $11.00 target price on shares of Absci in a report on Wednesday, September 23rd. Morgan Stanley reissued a "positive" rating and set a $10.00 price target on shares of Absci in a research note on Thursday, June 25th. Finally, Lifesci Capital started coverage on shares of Absci in a report on Wednesday, September 9th. They issued an "outperform" rating on the stock. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.71.

Absci Stock Performance

The firm has a fifty day simple moving average of $9.24 and a 200 day simple moving average of $7.35. The company has a market capitalization of $1.74 billion, a PE ratio of -12.65 and a beta of 2.27.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $0.32 million for the quarter, compared to the consensus estimate 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 expect that Absci Corporation will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Absci in the 2nd quarter valued at $141,112,000. Parkman Healthcare Partners LLC purchased a new position in Absci in the second quarter valued at $10,366,000. Baker BROS. Advisors LP purchased a new position in Absci in the fourth quarter valued at $7,450,000. Bank of America Corp DE acquired a new stake in shares of Absci during the 2nd quarter valued at about $6,560,000. Finally, Siren L.L.C. acquired a new stake in shares of Absci during the 1st quarter valued at about $5,400,000. Hedge funds and other institutional investors own 52.05% of the company's stock.

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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