Absci (NASDAQ:ABSI) Stock Price Down 7.5% – Here’s Why

Absci Corporation (NASDAQ:ABSI)’s share price traded down 7.5% on Wednesday . The stock traded as low as $10.44 and last traded at $10.4850. Approximately 1,754,754 shares were traded during trading, a decline of 63% from the average daily volume of 4,772,078 shares. The stock had previously closed at $11.33.

Analysts Set New Price Targets

Several brokerages have recently commented on ABSI. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Monday, April 20th. Leerink Partners initiated coverage on Absci in a report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price target for the company. Wall Street Zen upgraded Absci from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. BTIG Research boosted their price objective on Absci from $9.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Guggenheim increased their target price on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.43.

Absci Stock Down 6.7%

The stock’s 50-day moving average price is $7.04 and its 200-day moving average price is $4.45. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of -12.75 and a beta of 2.32.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $0.21 million during the quarter, compared to analyst estimates of $1.39 million. On average, equities research analysts anticipate that Absci Corporation will post -0.71 EPS for the current year.

Hedge Funds Weigh In On Absci

Several hedge funds have recently added to or reduced their stakes in ABSI. Quarry LP bought a new stake in Absci during the 3rd quarter worth about $26,000. Essential Partners LLC boosted its stake in shares of 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 last quarter. BNP Paribas Financial Markets grew its position in shares of Absci by 91.2% during the 2nd 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 grew its position in shares of Absci by 45.9% during the 2nd 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. bought a new stake in shares of Absci during the first quarter worth approximately $31,000. Institutional investors 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.