Absci (NASDAQ:ABSI) Hits New 52-Week High at $6.52

Absci Co. (NASDAQ:ABSI) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $6.52 and last traded at $6.49, with a volume of 1377855 shares changing hands. The stock had previously closed at $5.64.

Analyst Upgrades and Downgrades

ABSI has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Absci in a report on Friday, March 22nd. Scotiabank reiterated an “outperform” rating and set a $13.00 target price on shares of Absci in a research report on Monday, March 25th. KeyCorp upped their price target on shares of Absci from $5.00 to $8.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Finally, Truist Financial restated a “buy” rating and set a $9.00 target price on shares of Absci in a research report on Tuesday, March 26th.

Absci Price Performance

The firm has a market cap of $685.76 million, a P/E ratio of -5.07 and a beta of 2.36. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.08 and a quick ratio of 4.08. The stock’s 50-day simple moving average is $5.03 and its two-hundred day simple moving average is $3.27.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Thursday, March 21st. The company reported ($0.25) earnings per share 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 firm had revenue of $0.34 million during the quarter, compared to analysts’ expectations of $1.75 million. Equities research analysts forecast that Absci Co. will post -0.76 earnings per share for the current fiscal year.

Insider Activity at Absci

In other Absci news, Director Redmile Group, Llc bought 222,222 shares of Absci stock in a transaction on Friday, March 1st. The shares were acquired at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the purchase, the director now directly owns 8,253,316 shares in the company, valued at approximately $37,139,922. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of Absci by 8.6% in the third quarter. BlackRock Inc. now owns 3,920,715 shares of the company’s stock valued at $12,271,000 after acquiring an additional 309,459 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Absci by 178.4% in the 1st quarter. Vanguard Group Inc. now owns 3,424,005 shares of the company’s stock worth $28,864,000 after purchasing an additional 2,194,034 shares during the period. State Street Corp boosted its stake in shares of Absci by 12.4% during the first quarter. State Street Corp now owns 1,126,536 shares of the company’s stock valued at $1,971,000 after purchasing an additional 124,449 shares in the last quarter. 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. Finally, Renaissance Technologies LLC increased its holdings in Absci by 64.8% during the second quarter. Renaissance Technologies LLC now owns 423,375 shares of the company’s stock valued at $644,000 after buying an additional 166,475 shares during the period. 52.05% of the stock is currently owned by institutional investors.

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.