Andreas Busch Purchases 100,000 Shares of Absci (NASDAQ:ABSI) Stock

Absci Corporation (NASDAQ:ABSI) insider Andreas Busch purchased 100,000 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were purchased at an average price of $2.29 per share, with a total value of $229,000.00. Following the acquisition, the insider directly owned 421,446 shares in the company, valued at $965,111.34. This represents a 31.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Absci Stock Performance

Shares of ABSI traded up $0.11 during mid-day trading on Monday, hitting $2.50. 2,298,078 shares of the stock were exchanged, compared to its average volume of 3,267,339. The company has a market cap of $375.93 million, a PE ratio of -2.78 and a beta of 2.12. Absci Corporation has a 52-week low of $2.01 and a 52-week high of $5.23. The firm has a 50-day moving average of $2.88 and a two-hundred day moving average of $3.19.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new stake in shares of Absci in the third quarter valued at $26,000. BNP Paribas Financial Markets boosted its stake in shares of Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after purchasing an additional 5,385 shares during the period. Legal & General Group Plc boosted its stake in shares of Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after purchasing an additional 3,678 shares during the period. HB Wealth Management LLC bought a new position in Absci during the 3rd quarter valued at about $31,000. Finally, Principal Financial Group Inc. bought a new position in Absci during the 3rd quarter valued at about $31,000. Institutional investors own 52.05% of the company’s stock.

Wall Street Analysts Forecast Growth

ABSI has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price objective on shares of Absci in a research report on Friday, December 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a report on Wednesday, January 21st. Morgan Stanley lowered Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price target for the company. in a research report on Thursday, January 8th. Finally, HC Wainwright boosted their price objective on Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $7.66.

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.