Wall Street Zen Downgrades Absci (NASDAQ:ABSI) to Sell

Absci (NASDAQ:ABSI) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.

Several other equities research analysts also recently weighed in on ABSI. BTIG Research increased their price target on Absci from $9.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. 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 research note on Thursday, July 2nd. Leerink Partners began coverage on shares of Absci in a research report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective for the company. HC Wainwright upped their target price on shares of Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price (up from $7.00) on shares of Absci in a research report on Wednesday, June 24th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.43.

Absci Price Performance

Shares of NASDAQ:ABSI traded down $0.87 during trading on Friday, hitting $10.60. The company had a trading volume of 4,694,024 shares, compared to its average volume of 7,730,975. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -12.77 and a beta of 2.32. The company has a fifty day simple moving average of $7.41 and a two-hundred day simple moving average of $4.61. Absci has a one year low of $2.24 and a one year high of $12.06.

Absci (NASDAQ:ABSI) last released its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $1.39 million. On average, equities research analysts anticipate that Absci will post -0.71 earnings per share for the current year.

Institutional Investors Weigh In On Absci

Hedge funds have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. bought a new position in Absci in the second quarter worth about $944,000. Essential Partners LLC boosted its holdings in shares of 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 buying an additional 9,108 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Absci by 55.2% in the 1st quarter. Bank of America Corp DE now owns 487,193 shares of the company’s stock valued at $1,462,000 after buying an additional 173,361 shares in the last quarter. Royal Bank of Canada grew its position in shares of Absci by 29.7% in the 1st quarter. Royal Bank of Canada now owns 175,085 shares of the company’s stock worth $525,000 after buying an additional 40,111 shares during the last quarter. Finally, Siren L.L.C. bought a new position in shares of Absci during the 1st quarter worth approximately $5,400,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Company Profile

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.