Absci (NASDAQ:ABSI) Trading 8.5% Higher - What's Next?

Key Points

• Absci shares rose 8.5% in mid-day trading to about $9.59, although volume was roughly 94% below the stock’s average daily volume.
• Analyst sentiment is broadly positive: eight analysts rate the stock a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $13.43.
• The company’s latest quarterly results were weaker than expected, with an adjusted loss of $0.21 per share versus the $0.19 consensus and revenue of $0.32 million versus estimates of $0.92 million.

Absci Corporation (NASDAQ:ABSI - Get Free Report) traded up 8.5% during mid-day trading on Tuesday . The stock traded as high as $9.52 and last traded at $9.5910. Approximately 268,371 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 4,419,282 shares. The stock had previously closed at $8.84.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ABSI. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research report on Friday, July 17th. Guggenheim boosted their price objective on Absci from $10.00 to $15.00 and gave the company a "buy" rating in a report on Monday, June 15th. Truist Financial upped their target price on Absci from $11.00 to $17.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Leerink Partners began coverage on Absci in a report on Thursday, June 4th. They set an "outperform" rating and a $12.00 target price on the stock. Finally, Wall Street Zen upgraded Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Absci has an average rating of "Moderate Buy" and a consensus price target of $13.43.

Absci Stock Up 7.8%

The company's 50-day moving average is $9.16 and its 200 day moving average is $5.78. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -11.92 and a beta of 2.35.

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). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%.The firm had revenue of $0.32 million during the quarter, compared to analyst estimates of $0.92 million. Analysts predict that Absci Corporation will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Absci during the 2nd quarter worth approximately $141,112,000. State Street Corp grew its stake in Absci by 190.1% in the 4th quarter. State Street Corp now owns 5,990,877 shares of the company's stock valued at $20,908,000 after acquiring an additional 3,925,926 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in Absci in the 4th quarter worth $8,201,000. Baker BROS. Advisors LP acquired a new position in Absci during the fourth quarter worth $7,450,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Absci by 2,955.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company's stock valued at $7,526,000 after purchasing an additional 2,085,501 shares in the last quarter. Hedge funds and other institutional investors own 52.05% of the company's stock.

About Absci

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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