Absci (NASDAQ:ABSI) Stock Price Down 11.3% – Should You Sell?

Absci Co. (NASDAQ:ABSI)’s share price traded down 11.3% during mid-day trading on Monday . The company traded as low as $4.41 and last traded at $4.40. 1,577,352 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 6,820,631 shares. The stock had previously closed at $4.96.

Analysts Set New Price Targets

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

Absci Price Performance

The firm has a fifty day moving average price of $3.73 and a two-hundred day moving average price of $3.77. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $527.78 million, a P/E ratio of -4.93 and a beta of 2.11.

Institutional Investors Weigh In On Absci

A number of institutional investors have recently made changes to their positions in the company. Two Sigma Advisers LP lifted its position in Absci by 191.9% in the 4th quarter. Two Sigma Advisers LP now owns 676,400 shares of the company’s stock valued at $1,772,000 after acquiring an additional 444,700 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Absci by 97.2% during the fourth quarter. Two Sigma Investments LP now owns 899,648 shares of the company’s stock valued at $2,357,000 after purchasing an additional 443,410 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Absci by 4.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,800 shares of the company’s stock valued at $120,000 after buying an additional 1,976 shares during the last quarter. Deutsche Bank AG increased its holdings in Absci by 60.9% in the 4th quarter. Deutsche Bank AG now owns 74,170 shares of the company’s stock worth $194,000 after buying an additional 28,073 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Absci by 18.0% in the 4th quarter. Bank of America Corp DE now owns 88,197 shares of the company’s stock worth $231,000 after buying an additional 13,476 shares during the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Company Profile

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.