Absci (NASDAQ:ABSI) Sets New 12-Month High – Here’s What Happened

Absci Corporation (NASDAQ:ABSI) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $5.25 and last traded at $5.1950, with a volume of 1408079 shares changing hands. The stock had previously closed at $4.92.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Morgan Stanley cut shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 target price for the company. in a research note on Thursday, January 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.44.

Absci Price Performance

The company’s 50-day moving average is $3.23 and its 200-day moving average is $3.30. The firm has a market capitalization of $924.93 million, a price-to-earnings ratio of -7.00 and a beta of 2.36.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Tuesday, March 24th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.07). The company had revenue of $0.65 million for the quarter, compared to analyst estimates of $1.38 million. Absci had a negative return on equity of 62.33% and a negative net margin of 4,113.68%. Sell-side analysts anticipate that Absci Corporation will post -0.7 earnings per share for the current year.

Insider Buying and Selling at Absci

In other news, insider Andreas Busch bought 100,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $2.29 per share, with a total value of $229,000.00. Following the transaction, the insider owned 421,446 shares of the company’s stock, valued at $965,111.34. This represents a 31.11% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Absci

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC lifted its stake in shares of Absci by 3.2% in the 4th quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock valued at $43,802,000 after purchasing an additional 388,026 shares in the last quarter. Vanguard Group Inc. increased its position in Absci by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock worth $22,137,000 after purchasing an additional 830,336 shares in the last quarter. State Street Corp increased its position in Absci by 190.1% during the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after purchasing an additional 3,925,926 shares in the last quarter. Geode Capital Management LLC raised its holdings in Absci by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock valued at $11,309,000 after buying an additional 186,708 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in Absci by 24.4% in the third quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock valued at $9,701,000 after buying an additional 625,451 shares during the period. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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.