Absci (NASDAQ:ABSI) Stock Price Down 4.8% - Should You Sell?

Key Points

• Absci shares fell 4.8% to about $8.42 in Wednesday trading, with volume down 79% from the average session level. The company has a $1.46 billion market capitalization and a beta of 2.42, indicating relatively high volatility.
• Analysts remain broadly positive, with eight Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an average price target of $13.43. Recent targets range from $12 to $17.
• Absci missed quarterly expectations, reporting an adjusted loss of $0.21 per share versus the $0.19 consensus and revenue of $0.32 million versus $0.92 million expected. Analysts project a full-year loss of approximately $0.74 per share, while institutional investors own 52.05% of the stock.

Absci Corporation (NASDAQ:ABSI - Get Free Report)'s stock price was down 4.8% during trading on Wednesday . The stock traded as low as $8.51 and last traded at $8.4160. 912,876 shares traded hands during trading, a decline of 79% from the average session volume of 4,378,139 shares. The stock had previously closed at $8.84.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Truist Financial boosted their target price on Absci from $11.00 to $17.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. BTIG Research reissued a "buy" rating and set a $13.00 price target on shares of Absci in a research note on Wednesday, August 12th. Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Leerink Partners assumed coverage on Absci in a research report on Thursday, June 4th. They issued an "outperform" rating and a $12.00 price objective on the stock. Finally, HC Wainwright increased their target price on Absci from $8.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, June 25th. Eight 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.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.43.

Absci Stock Down 3.6%

The stock's 50 day moving average price is $9.36 and its 200-day moving average price is $6.06. The stock has a market capitalization of $1.46 billion, a P/E ratio of -10.65 and a beta of 2.42.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. Analysts anticipate that Absci Corporation will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Absci

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of Absci during the third quarter valued at about $26,000. Essential Partners LLC grew its position in shares of Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company's stock worth $27,000 after buying an additional 9,108 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company's stock worth $29,000 after acquiring an additional 5,385 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company's stock worth $30,000 after acquiring an additional 3,678 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in Absci during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 52.05% of the company's stock.

Absci Company Profile

Absci Corporation NASDAQ: ABSI is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company's Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci's offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.

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