Absci (NASDAQ:ABSI) Trading 9.4% Higher – Should You Buy?

Absci Corporation (NASDAQ:ABSI)’s share price traded up 9.4% during trading on Monday . The company traded as high as $8.09 and last traded at $8.11. 2,276,643 shares were traded during mid-day trading, a decline of 47% from the average session volume of 4,258,963 shares. The stock had previously closed at $7.41.

Analyst Upgrades and Downgrades

ABSI has been the subject of a number of recent research reports. BTIG Research started coverage on shares of Absci in a research note on Thursday, May 28th. They set a “buy” rating and a $9.00 price target for the company. Truist Financial upped their target price on shares of Absci from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, May 8th. Needham & Company LLC reiterated a “buy” rating and set a $7.00 target price on shares of Absci in a research note on Wednesday, March 25th. Leerink Partners initiated coverage on Absci in a report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price target on the stock. Finally, Morgan Stanley set a $4.10 price target on Absci in a research report on Thursday, May 14th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $9.44.

Absci Stock Up 36.6%

The firm’s 50 day moving average is $5.52 and its 200-day moving average is $3.92. The firm has a market cap of $1.58 billion, a PE ratio of -12.55 and a beta of 2.44.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.01. The company had revenue of $0.21 million during the quarter, compared to analyst estimates of $1.39 million. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%. On average, analysts forecast that Absci Corporation will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On Absci

Several hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new position in Absci in the 3rd quarter worth about $26,000. Essential Partners LLC raised its holdings in Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after acquiring an additional 9,108 shares in the last quarter. Scientech Research LLC acquired a new position in shares of Absci in the third quarter valued at $31,000. Principal Financial Group Inc. acquired a new position in shares of Absci in the first quarter valued at $31,000. Finally, Xponance LLC bought a new position in Absci in the fourth quarter worth $37,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

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.