Absci (NASDAQ:ABSI) Stock Price Up 10.8% – Still a Buy?

Absci Corporation (NASDAQ:ABSI)’s stock price shot up 10.8% during mid-day trading on Thursday . The stock traded as high as $3.57 and last traded at $3.6460. 3,168,497 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 4,838,856 shares. The stock had previously closed at $3.29.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ABSI. JPMorgan Chase & Co. initiated coverage on Absci in a research note on Thursday, October 2nd. They set an “overweight” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research report on Wednesday, October 8th. Morgan Stanley decreased their price target on shares of Absci from $6.40 to $5.89 and set an “overweight” rating on the stock in a research report on Monday, August 18th. Needham & Company LLC cut their price objective on shares of Absci from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Finally, Wall Street Zen lowered Absci from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Absci presently has an average rating of “Moderate Buy” and a consensus target price of $7.78.

Absci Trading Up 14.7%

The company has a market cap of $567.65 million, a PE ratio of -4.19 and a beta of 2.13. The business’s 50 day moving average is $3.60 and its two-hundred day moving average is $3.05.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Absci had a negative return on equity of 60.19% and a negative net margin of 4,071.19%.The business had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $1.58 million. As a group, equities research analysts predict that Absci Corporation will post -0.89 EPS for the current fiscal year.

Insider Activity at Absci

In other news, CAO Todd Bedrick purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The stock was bought at an average cost of $2.70 per share, with a total value of $27,000.00. Following the completion of the purchase, the chief accounting officer owned 180,428 shares in the company, valued at approximately $487,155.60. This represents a 5.87% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Menelas N. Pangalos bought 95,785 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was acquired at an average cost of $2.66 per share, with a total value of $254,788.10. Following the completion of the acquisition, the director owned 113,960 shares of the company’s stock, valued at $303,133.60. This represents a 527.02% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Absci

Several large investors have recently added to or reduced their stakes in ABSI. Nuveen LLC bought a new stake in Absci in the first quarter worth about $1,251,000. Cubist Systematic Strategies LLC bought a new stake in shares of Absci in the first quarter valued at about $724,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Absci by 79.1% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,298 shares of the company’s stock valued at $407,000 after purchasing an additional 69,894 shares during the period. American Century Companies Inc. raised its stake in Absci by 9.5% in the first quarter. American Century Companies Inc. now owns 165,178 shares of the company’s stock worth $415,000 after buying an additional 14,343 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Absci by 17.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 314,858 shares of the company’s stock worth $790,000 after purchasing an additional 46,975 shares during the last quarter. 52.05% of the stock is owned by institutional investors.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.