Absci Corporation (NASDAQ:ABSI) Receives $7.66 Average Target Price from Analysts

Absci Corporation (NASDAQ:ABSI) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $7.6640.

Several research firms have recently commented on ABSI. Needham & Company LLC reissued a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Friday, December 12th. Morgan Stanley lowered Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective for the company. in a research report on Thursday, January 8th. HC Wainwright upped their target price on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Wednesday, January 21st.

Absci Price Performance

Shares of Absci stock opened at $2.74 on Friday. The firm has a 50 day simple moving average of $3.08 and a 200 day simple moving average of $3.20. Absci has a fifty-two week low of $2.01 and a fifty-two week high of $5.23. The firm has a market cap of $412.01 million, a P/E ratio of -3.04 and a beta of 2.11.

Insider Buying and Selling

In other Absci news, CEO Sean Mcclain sold 26,761 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $2.99, for a total transaction of $80,015.39. Following the completion of the sale, the chief executive officer owned 8,334,567 shares in the company, valued at approximately $24,920,355.33. The trade was a 0.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Absci

A number of institutional investors have recently made changes to their positions in ABSI. Quarry LP acquired a new position in Absci in the third quarter valued at about $26,000. BNP Paribas Financial Markets increased its stake in shares of Absci by 91.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after acquiring an additional 5,385 shares during the last quarter. Legal & General Group Plc raised its position in shares of Absci by 45.9% in the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after acquiring an additional 3,678 shares during the period. Principal Financial Group Inc. bought a new position in Absci during the 3rd quarter worth approximately $31,000. Finally, HB Wealth Management LLC acquired a new position in Absci during the third quarter valued at approximately $31,000. 52.05% of the stock is owned by institutional investors and hedge funds.

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.