Absci (NASDAQ:ABSI) Stock Price Up 12.5% - Here's What Happened

Key Points

• Absci shares jumped 12.5% to about $9.04, although trading volume was 69% below its average daily level.
• Analyst sentiment is broadly positive: nine analysts rate the stock Buy and one rates it Sell, producing a consensus “Moderate Buy” rating and an average price target of $13.71.
• The company reported weaker-than-expected quarterly results, including a loss of $0.21 per share versus the $0.19 estimate and revenue of $0.32 million versus $0.92 million expected. Institutional investors own 52.05% of the stock, including a newly reported $141.1 million BlackRock position.

Shares of Absci Corporation (NASDAQ:ABSI - Get Free Report) shot up 12.5% on Thursday . The stock traded as high as $9.04 and last traded at $9.0420. 1,316,516 shares traded hands during trading, a decline of 69% from the average daily volume of 4,274,699 shares. The stock had previously closed at $8.04.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Absci in a research report on Friday, July 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 target price on shares of Absci in a report on Wednesday, August 12th. Wall Street Zen raised shares of Absci from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Lifesci Capital initiated coverage on Absci in a report on Wednesday, September 9th. They issued an "outperform" rating on the stock. Finally, Truist Financial raised their price target on shares of Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $13.71.

Absci Stock Performance

The business has a 50 day moving average of $8.78 and a two-hundred day moving average of $6.51. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -11.86 and a beta of 2.42.

Absci (NASDAQ:ABSI - Get Free Report) last announced 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 firm had revenue of $0.32 million during 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%. On average, equities analysts predict that Absci Corporation will post -0.74 EPS for the current fiscal year.

Institutional Trading of Absci

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

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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