Absci (NASDAQ:ABSI) Stock Jumps 6.1% – What’s Next?

Absci Corporation (NASDAQ:ABSI) shares shot up 6.1% during mid-day trading on Tuesday. The stock traded as high as $10.08 and last traded at $10.0650. 2,149,625 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 4,334,634 shares. The stock had previously closed at $9.49.

Wall Street Analysts Forecast Growth

ABSI has been the topic of several research reports. Wall Street Zen raised shares of Absci from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Lifesci Capital assumed coverage on shares of Absci in a research note on Wednesday, September 9th. They issued an “outperform” rating for the company. Guggenheim reaffirmed a “buy” rating on shares of Absci in a report on Monday. BTIG Research set a $15.00 target price on shares of Absci and gave the stock a “buy” rating in a research report on Tuesday, September 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Absci in a research note on Wednesday, September 23rd. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Absci currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.71.

Absci Stock Performance

The firm has a 50-day moving average of $8.90 and a 200-day moving average of $7.03. The firm has a market capitalization of $1.93 billion, a P/E ratio of -13.93 and a beta of 2.42.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. Equities analysts anticipate that Absci Corporation will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. Parkman Healthcare Partners LLC bought a new stake in Absci in the 2nd quarter worth $10,366,000. Siren L.L.C. bought a new position in shares of Absci during the first quarter valued at about $5,400,000. Artia Global Partners LP purchased a new stake in shares of Absci during the second quarter worth about $5,383,000. Deutsche Bank AG purchased a new stake in shares of Absci during the second quarter worth about $1,591,000. Finally, Bank of America Corp DE bought a new stake in shares of Absci in the second quarter worth about $6,560,000. 52.05% of the stock is currently owned by institutional investors.

About Absci

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company’s capabilities include target discovery, protein design, antibody generation, and experimental validation.