Absci (NASDAQ:ABSI) Stock Price Down 7.8% – Time to Sell?

Shares of Absci Corporation (NASDAQ:ABSI) fell 7.8% during mid-day trading on Monday . The stock traded as low as $8.75 and last traded at $8.8030. Approximately 870,642 shares changed hands during trading, a decline of 80% from the average daily volume of 4,435,745 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

A number of analysts recently commented on ABSI shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Friday, July 17th. Leerink Partners assumed coverage on shares of Absci in a research report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price target for the company. Wall Street Zen raised shares of Absci from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Morgan Stanley reiterated a “positive” rating and issued a $10.00 price target on shares of Absci in a report on Thursday, June 25th. Finally, Truist Financial boosted their price objective on shares of Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.43.

Absci Trading Up 8.9%

The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -12.04 and a beta of 2.35. The firm has a 50 day moving average price of $9.21 and a two-hundred day moving average price of $5.83.

Absci (NASDAQ:ABSI) last issued its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%.The firm had revenue of $0.32 million for the quarter, compared to analysts’ expectations of $0.92 million. As a group, research analysts forecast that Absci Corporation will post -0.74 earnings per share for the current year.

Institutional Investors Weigh In On Absci

Several large investors have recently made changes to their positions in the business. Quarry LP acquired a new position in shares of Absci during the 3rd quarter valued at $26,000. Essential Partners LLC lifted its stake in shares of Absci by 113,850.0% during the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after purchasing an additional 9,108 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after buying an additional 5,385 shares during the period. Legal & General Group Plc boosted its position in shares of Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after buying an additional 3,678 shares during the period. Finally, Principal Financial Group Inc. acquired a new stake in shares of Absci in the first quarter valued at about $31,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

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.