Absci (NASDAQ:ABSI) Shares Gap Down to $5.61

Absci Co. (NASDAQ:ABSI) gapped down before the market opened on Tuesday . The stock had previously closed at $5.61, but opened at $5.37. Absci shares last traded at $5.24, with a volume of 173,469 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a research note on Friday, March 22nd. Truist Financial reiterated a “buy” rating and issued a $9.00 price target on shares of Absci in a research note on Tuesday, March 26th. Scotiabank reiterated an “outperform” rating and issued a $13.00 price target on shares of Absci in a research note on Monday, March 25th. Finally, KeyCorp raised their price objective on Absci from $5.00 to $8.00 and gave the stock an “overweight” rating in a research note on Monday, March 4th.

Absci Stock Performance

The stock has a market capitalization of $595.53 million, a PE ratio of -4.31 and a beta of 2.36. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 0.03. The firm has a 50 day moving average price of $4.76 and a 200-day moving average price of $3.08.

Absci (NASDAQ:ABSI) last posted its earnings results on Thursday, March 21st. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The company had revenue of $0.34 million for the quarter, compared to analyst estimates of $1.75 million. Absci had a negative return on equity of 44.52% and a negative net margin of 1,933.65%. Research analysts expect that Absci Co. will post -0.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Redmile Group, Llc bought 222,222 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were purchased at an average cost of $4.50 per share, with a total value of $999,999.00. Following the completion of the acquisition, the director now directly owns 8,253,316 shares in the company, valued at $37,139,922. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.58% of the stock is owned by corporate insiders.

Institutional Trading of Absci

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Absci by 4.5% in the fourth quarter. Vanguard Group Inc. now owns 2,576,141 shares of the company’s stock valued at $10,820,000 after purchasing an additional 110,035 shares during the period. Bridgeway Capital Management LLC grew its holdings in Absci by 7.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 270,500 shares of the company’s stock valued at $1,136,000 after purchasing an additional 18,500 shares during the period. Cubist Systematic Strategies LLC grew its holdings in Absci by 23.8% in the fourth quarter. Cubist Systematic Strategies LLC now owns 65,487 shares of the company’s stock valued at $275,000 after purchasing an additional 12,578 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Absci in the fourth quarter valued at approximately $184,000. Finally, Northern Trust Corp grew its holdings in Absci by 21.6% in the fourth quarter. Northern Trust Corp now owns 125,942 shares of the company’s stock valued at $529,000 after purchasing an additional 22,388 shares during the period. 52.05% of the stock is owned by institutional investors and hedge funds.

About Absci

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.