Absci (NASDAQ:ABSI) Reaches New 52-Week High – Here’s What Happened

Absci Corporation (NASDAQ:ABSI)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $8.57 and last traded at $8.40, with a volume of 8351718 shares trading hands. The stock had previously closed at $7.41.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. BTIG Research assumed coverage on Absci in a report on Thursday, May 28th. They set a “buy” rating and a $9.00 price target on the stock. Guggenheim raised their price objective on shares of Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Morgan Stanley set a $4.10 price objective on shares of Absci in a research note on Thursday, May 14th. Finally, Truist Financial increased their target price on shares of Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.44.

Absci Trading Up 13.4%

The business has a 50-day moving average of $5.43 and a 200 day moving average of $3.89. The firm has a market capitalization of $1.31 billion, a P/E ratio of -10.12 and a beta of 2.44.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $0.21 million for the quarter, compared to analyst estimates of $1.39 million. As a group, research analysts forecast that Absci Corporation will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Absci

Large investors have recently modified their holdings of the company. Essential Partners LLC grew its position in Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after purchasing an additional 9,108 shares during the period. Bank of America Corp DE raised its holdings in Absci by 55.2% during the first quarter. Bank of America Corp DE now owns 487,193 shares of the company’s stock worth $1,462,000 after buying an additional 173,361 shares during the last quarter. Royal Bank of Canada raised its holdings in Absci by 29.7% during the first quarter. Royal Bank of Canada now owns 175,085 shares of the company’s stock worth $525,000 after buying an additional 40,111 shares during the last quarter. Siren L.L.C. bought a new position in shares of Absci in the first quarter valued at $5,400,000. Finally, Principal Financial Group Inc. bought a new position in shares of Absci in the first quarter valued at $31,000. 52.05% of the stock is currently owned by institutional investors.

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.