Absci (NASDAQ:ABSI) Share Price Breaks Above 50 Day Moving Average – Here’s What Happened

Absci Corporation (NASDAQ:ABSI) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $9.34 and traded as high as $9.76. Absci shares last traded at $9.45, with a volume of 3,362,562 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ABSI shares. Lifesci Capital assumed coverage on shares of Absci in a report on Wednesday, September 9th. They set an “outperform” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Thursday, October 15th. BTIG Research set a $15.00 price objective on shares of Absci and gave the stock a “buy” rating in a research note on Tuesday, September 8th. Truist Financial raised their target price on shares of Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Absci from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.56.

Absci Stock Up 12.4%

The business’s 50-day simple moving average is $9.43 and its two-hundred day simple moving average is $6.39. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -14.85 and a beta of 2.27.

Absci (NASDAQ:ABSI) last posted its earnings results on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The business had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. On average, analysts expect that Absci Corporation will post -0.76 earnings per share for the current year.

Institutional Trading of Absci

A number of institutional investors and hedge funds have recently made changes to their positions in ABSI. Sterling Capital Management LLC lifted its position in shares of Absci by 433.7% during the 3rd quarter. Sterling Capital Management LLC now owns 4,622 shares of the company’s stock valued at $50,000 after buying an additional 3,756 shares in the last quarter. Herold Advisors Inc. purchased a new stake in Absci in the 3rd quarter worth $138,000. WINTON GROUP Ltd purchased a new stake in Absci in the 2nd quarter worth $445,000. Engineers Gate Manager LP purchased a new stake in Absci in the 2nd quarter worth $305,000. Finally, Integrated Wealth Concepts LLC acquired a new position in Absci during the second quarter worth $53,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Company Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company’s technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.