Absci (NASDAQ:ABSI) Sets New 1-Year High – Here’s Why

Absci Corporation (NASDAQ:ABSI) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $8.17 and last traded at $7.7040, with a volume of 1217182 shares traded. The stock had previously closed at $6.80.

Analysts Set New Price Targets

Several brokerages recently commented on ABSI. Guggenheim boosted their price target on Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial lifted their price objective on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Morgan Stanley set a $4.10 target price on shares of Absci in a report on Thursday, May 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $7.00 target price on shares of Absci in a research report on Wednesday, March 25th. Seven 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 stock. According to MarketBeat, Absci currently has an average rating of “Moderate Buy” and a consensus price target of $9.44.

Absci Trading Up 9.5%

The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -8.99 and a beta of 2.44. The firm has a fifty day moving average price of $4.90 and a 200 day moving average price of $3.71.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The firm had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $1.39 million. As a group, equities analysts predict that Absci Corporation will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

Absci Company Profile

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.