Absci (NASDAQ:ABSI) Trading Up 5.8% – Time to Buy?

Absci Co. (NASDAQ:ABSI) shares rose 5.8% during trading on Wednesday . The company traded as high as $4.59 and last traded at $4.60. Approximately 848,382 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 7,276,706 shares. The stock had previously closed at $4.35.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Guggenheim restated a “buy” rating and issued a $10.00 target price on shares of Absci in a report on Tuesday, December 3rd. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Absci in a report on Friday, January 17th. Needham & Company LLC assumed coverage on Absci in a report on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 target price on the stock. Finally, KeyCorp decreased their target price on Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $8.57.

Absci Price Performance

The business’s 50 day moving average is $3.26 and its 200-day moving average is $3.68. The firm has a market capitalization of $527.78 million, a P/E ratio of -4.95 and a beta of 2.11. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The firm had revenue of $1.70 million during the quarter, compared to analyst estimates of $1.77 million. During the same quarter in the previous year, the firm earned ($0.24) EPS. As a group, sell-side analysts predict that Absci Co. will post -0.89 EPS for the current fiscal year.

Institutional Trading of Absci

A number of institutional investors have recently modified their holdings of ABSI. FMR LLC grew its holdings in Absci by 1.2% in the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company’s stock worth $48,620,000 after acquiring an additional 147,156 shares during the last quarter. ARK Investment Management LLC boosted its stake in Absci by 30.4% during the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock worth $21,657,000 after acquiring an additional 1,928,314 shares in the last quarter. Fred Alger Management LLC lifted its stake in shares of Absci by 4.3% in the third quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock worth $28,904,000 after buying an additional 309,843 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Absci by 6.8% in the third quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company’s stock worth $7,388,000 after buying an additional 123,896 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in Absci by 28.5% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after purchasing an additional 253,985 shares during the period. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.