Absci (NASDAQ:ABSI) Earns Buy Rating from Truist Financial

Truist Financial restated their buy rating on shares of Absci (NASDAQ:ABSI) in a research note released on Tuesday morning, Benzinga reports. The firm currently has a $9.00 price objective on the stock.

A number of other brokerages have also recently commented on ABSI. KeyCorp raised their target price on Absci from $5.00 to $8.00 and gave the company an overweight rating in a report on Monday, March 4th. HC Wainwright restated a buy rating and set a $7.00 target price on shares of Absci in a report on Friday, March 22nd. Finally, Scotiabank restated an outperform rating and set a $13.00 target price on shares of Absci in a report on Monday.

Absci Stock Performance

NASDAQ ABSI opened at $5.68 on Tuesday. The stock has a market cap of $640.65 million, a PE ratio of -4.73 and a beta of 2.35. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.03. Absci has a twelve month low of $1.11 and a twelve month high of $6.40. The stock has a fifty day simple moving average of $4.67 and a 200-day simple moving average of $3.00.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Thursday, March 21st. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Absci had a negative return on equity of 44.52% and a negative net margin of 1,933.65%. The business had revenue of $0.34 million for the quarter, compared to analysts’ expectations of $1.75 million. Equities analysts anticipate that Absci will post -0.77 earnings per share for the current year.

Insider Buying and Selling at Absci

In other Absci news, Director Redmile Group, Llc bought 222,222 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were acquired at an average price of $4.50 per share, with a total value of $999,999.00. Following the transaction, the director now owns 8,253,316 shares of the company’s stock, valued at $37,139,922. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 11.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Absci

Several hedge funds and other institutional investors have recently made changes to their positions in ABSI. JPMorgan Chase & Co. raised its position in shares of Absci by 142.9% during the 1st quarter. JPMorgan Chase & Co. now owns 40,742 shares of the company’s stock worth $344,000 after acquiring an additional 23,967 shares in the last quarter. Bank of New York Mellon Corp increased its position in Absci by 377.7% during the first quarter. Bank of New York Mellon Corp now owns 138,823 shares of the company’s stock worth $1,171,000 after buying an additional 109,763 shares during the period. MetLife Investment Management LLC acquired a new position in Absci during the first quarter worth approximately $285,000. Metropolitan Life Insurance Co NY acquired a new position in Absci during the first quarter worth approximately $33,000. Finally, Rhumbline Advisers acquired a new position in Absci during the first quarter worth approximately $399,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.