Absci Corporation (NASDAQ:ABSI) Receives $7.66 Average Price Target from Analysts

Shares of Absci Corporation (NASDAQ:ABSI) have been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $7.08.

A number of equities analysts recently issued reports on the stock. HC Wainwright increased their target price on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Morgan Stanley downgraded shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price target on the stock. in a research report on Thursday, January 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price target on shares of Absci in a research note on Wednesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a report on Wednesday, January 21st.

Absci Stock Performance

Shares of ABSI stock opened at $2.96 on Wednesday. Absci has a 1 year low of $2.01 and a 1 year high of $5.23. The firm has a market capitalization of $445.10 million, a PE ratio of -3.29 and a beta of 2.12. The stock has a fifty day moving average of $2.80 and a two-hundred day moving average of $3.19.

Insider Buying and Selling

In other Absci news, CEO Sean Mcclain sold 26,761 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $2.99, for a total transaction of $80,015.39. Following the completion of the transaction, the chief executive officer directly owned 8,334,567 shares of the company’s stock, valued at approximately $24,920,355.33. This trade represents a 0.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andreas Busch purchased 100,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were purchased at an average price of $2.29 per share, for a total transaction of $229,000.00. Following the completion of the transaction, the insider owned 421,446 shares in the company, valued at $965,111.34. This trade represents a 31.11% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Absci

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new stake in Absci in the 3rd quarter valued at about $26,000. Scientech Research LLC acquired a new position in shares of Absci in the 3rd quarter worth approximately $31,000. HB Wealth Management LLC acquired a new position in shares of Absci in the 3rd quarter worth approximately $31,000. Principal Financial Group Inc. bought a new stake in shares of Absci in the 3rd quarter worth approximately $31,000. Finally, Xponance LLC bought a new stake in shares of Absci in the 4th quarter worth approximately $37,000. 52.05% of the stock is currently owned by institutional investors.

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.