Absci (NASDAQ:ABSI) Stock Price Down 8% – Here’s Why

Absci Corporation (NASDAQ:ABSI)’s stock price was down 8% on Wednesday . The company traded as low as $5.82 and last traded at $5.84. Approximately 1,656,845 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 4,109,583 shares. The stock had previously closed at $6.35.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ABSI shares. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Wednesday, March 25th. Morgan Stanley set a $4.10 target price on Absci in a report on Thursday, May 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a report on Monday, April 20th. Truist Financial raised their target price on Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, BTIG Research started coverage on Absci in a report on Thursday, May 28th. They set a “buy” rating and a $9.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.82.

Absci Stock Down 7.9%

The company has a market cap of $912.04 million, a price-to-earnings ratio of -7.05 and a beta of 2.44. The company’s 50-day moving average is $4.25 and its 200 day moving average is $3.48.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.01. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. The company had revenue of $0.22 million for the quarter, compared to analyst estimates of $1.39 million. Analysts predict that Absci Corporation will post -0.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Absci news, insider Andreas Busch acquired 100,000 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were bought at an average cost of $2.29 per share, with a total value of $229,000.00. Following the completion of the acquisition, the insider owned 421,446 shares in the company, valued at approximately $965,111.34. This trade represents a 31.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 10.49% of the company’s stock.

Institutional Trading of Absci

Several institutional investors have recently modified their holdings of the stock. Essential Partners LLC grew its position in shares of Absci by 113,850.0% in the first 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 boosted its stake in shares of Absci by 55.2% in the first quarter. Bank of America Corp DE now owns 487,193 shares of the company’s stock worth $1,462,000 after acquiring an additional 173,361 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Absci by 29.7% in the first quarter. Royal Bank of Canada now owns 175,085 shares of the company’s stock worth $525,000 after acquiring an additional 40,111 shares during the last quarter. Siren L.L.C. acquired a new stake in shares of Absci in the first quarter worth approximately $5,400,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Absci in the first quarter worth approximately $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.