Absci (NASDAQ:ABSI) Stock Jumps 6.1% - Still a Buy?

Key Points

• Absci shares rose 6.1% to about $10.07, although trading volume was roughly half its average. The stock has gained momentum, with its 50-day and 200-day moving averages at $8.81 and $6.92, respectively.
• Analyst sentiment is broadly positive: nine analysts rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $13.71.
• Despite institutional ownership of 52.05%, Absci’s latest quarter showed significant weaknesses: it missed earnings and revenue estimates, reported a $0.21 per-share loss, and analysts expect a full-year loss of $0.74 per share.

Absci Corporation (NASDAQ:ABSI - Get Free Report)'s share price traded up 6.1% on Tuesday. The company traded as high as $10.08 and last traded at $10.0650. Approximately 2,149,625 shares traded hands during trading, a decline of 50% from the average session volume of 4,334,634 shares. The stock had previously closed at $9.49.

Wall Street Analyst Weigh In

ABSI has been the topic of several research reports. Wall Street Zen raised Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. HC Wainwright boosted their target price on shares of Absci from $8.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. Guggenheim restated a "buy" rating on shares of Absci in a research note on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Absci in a research report on Friday, July 17th. Finally, Morgan Stanley reissued a "positive" rating and set a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $13.71.

Absci Stock Up 7.1%

The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -12.57 and a beta of 2.42. The business has a 50-day moving average price of $8.81 and a 200-day moving average price of $6.92.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $0.32 million during the quarter, compared to analysts' expectations 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, sell-side analysts predict that Absci Corporation will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ABSI. WINTON GROUP Ltd bought a new stake in shares of Absci in the 2nd quarter valued at approximately $445,000. Engineers Gate Manager LP bought a new stake in Absci during the 2nd quarter worth about $305,000. Integrated Wealth Concepts LLC bought a new stake in shares of Absci during the second quarter valued at approximately $53,000. Corient Private Wealth LP acquired a new stake in shares of Absci in the 2nd quarter valued at $270,000. Finally, AXQ Capital LP raised its holdings in Absci by 10.5% during the 2nd quarter. AXQ Capital LP now owns 36,000 shares of the company's stock worth $417,000 after purchasing an additional 3,435 shares during the last quarter. 52.05% of the stock is owned by institutional investors.

About Absci

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company's capabilities include target discovery, protein design, antibody generation, and experimental validation.

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