Absci (NASDAQ:ABSI) Stock Price Down 9.8% - Should You Sell?

Key Points

• Absci shares fell 9.8% to about $9.75, with trading volume 47% below its average.
• Analysts remain broadly positive: 11 rate the stock Buy and one Sell, for a consensus “Moderate Buy” and an average price target of $14.50.
• The company’s latest reported quarter missed expectations, with a loss of $0.21 per share versus estimates of $0.19 and revenue of $0.32 million versus $0.92 million expected.

Absci Corporation (NASDAQ:ABSI - Get Free Report) dropped 9.8% on Tuesday. The company traded as low as $9.87 and last traded at $9.7450. 2,290,562 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 4,299,767 shares. The stock had previously closed at $10.80.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. KeyCorp upped their target price on Absci from $16.00 to $20.00 and gave the stock an "overweight" rating in a research report on Friday, October 16th. BTIG Research set a $15.00 target price on shares of Absci and gave the stock a "buy" rating in a research note on Tuesday, September 8th. HC Wainwright reissued a "buy" rating on shares of Absci in a report on Tuesday, October 20th. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 target price on shares of Absci in a report on Wednesday, September 23rd. Finally, Lifesci Capital initiated coverage on Absci in a research report on Wednesday, September 9th. They set an "outperform" rating on the stock. Eleven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Absci presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.50.

Absci Stock Down 8.6%

The firm has a market cap of $1.69 billion, a PE ratio of -12.33 and a beta of 2.22. The company's 50 day moving average price is $9.61 and its two-hundred day moving average price is $6.68.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The firm had revenue of $0.32 million for the quarter, compared to analysts' expectations of $0.92 million. On average, analysts expect that Absci Corporation will post -0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Absci

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Essential Partners LLC increased its stake in Absci by 113,850.0% during 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 period. Principal Financial Group Inc. purchased a new position in Absci during the 1st quarter worth $31,000. HB Wealth Management LLC grew its position in Absci by 28.4% during the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company's stock worth $39,000 after buying an additional 2,862 shares during the period. Sterling Capital Management LLC raised its holdings in shares of Absci by 433.7% in the third quarter. Sterling Capital Management LLC now owns 4,622 shares of the company's stock worth $50,000 after acquiring an additional 3,756 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Absci in the second quarter valued at $53,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

Absci Company Profile

Absci Corporation is a biotechnology company that uses artificial intelligence and laboratory research to discover and develop biologic drugs. Its platform combines generative AI with experimental testing to design and evaluate potential drug candidates, including antibodies and other protein-based medicines. The company also works with pharmaceutical and biotechnology partners on drug discovery programs and advances its own pipeline of potential therapies. Its approach is intended to connect computational design with laboratory validation, helping assess whether designed molecules have useful properties.

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