Absci (NASDAQ:ABSI) Shares Up 5.6%

Absci Co. (NASDAQ:ABSI)’s stock price rose 5.6% during mid-day trading on Thursday . The company traded as high as $5.61 and last traded at $5.61. Approximately 355,714 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,535,389 shares. The stock had previously closed at $5.31.

Wall Street Analyst Weigh In

ABSI has been the subject of a number of recent research reports. Scotiabank reissued an “outperform” rating and issued a $13.00 target price on shares of Absci in a research report on Monday, March 25th. Truist Financial reissued a “buy” rating and issued a $9.00 target price on shares of Absci in a research report on Tuesday, March 26th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Absci in a research report on Friday, March 22nd. Finally, KeyCorp raised their price target on Absci from $5.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, March 4th.

Absci Trading Up 2.7 %

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 company has a fifty day moving average price of $4.90 and a 200 day moving average price of $3.17.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Thursday, March 21st. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Absci had a negative return on equity of 44.52% and a negative net margin of 1,933.65%. The business had revenue of $0.34 million during the quarter, compared to analysts’ expectations of $1.75 million. On average, analysts predict that Absci Co. will post -0.76 earnings per share for the current year.

Insider Buying and Selling at Absci

In related news, Director Redmile Group, Llc acquired 222,222 shares of the company’s stock in a transaction on Friday, March 1st. The stock was acquired at an average price of $4.50 per share, with a total value of $999,999.00. Following the acquisition, the director now directly owns 8,253,316 shares of the company’s stock, valued at $37,139,922. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 11.58% of the company’s stock.

Institutional Trading of Absci

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clarius Group LLC purchased a new position in shares of Absci during the third quarter worth approximately $40,000. Dimension Capital Management LLC purchased a new position in Absci during the third quarter valued at approximately $28,000. Farther Finance Advisors LLC increased its holdings in Absci by 5.4% during the second quarter. Farther Finance Advisors LLC now owns 457,268 shares of the company’s stock valued at $695,000 after buying an additional 23,350 shares during the period. Alliancebernstein L.P. purchased a new position in Absci during the fourth quarter valued at approximately $33,000. Finally, Metropolitan Life Insurance Co NY purchased a new position in Absci during the first quarter valued at approximately $33,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

Absci Company Profile

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.