Absci (NASDAQ:ABSI) Stock Price Up 12.5% – Should You Buy?

Shares of Absci Corporation (NASDAQ:ABSI) traded up 12.5% during mid-day trading on Thursday . The company traded as high as $9.04 and last traded at $9.0420. 1,316,516 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 4,274,699 shares. The stock had previously closed at $8.04.

Wall Street Analyst Weigh In

ABSI has been the subject of a number of research analyst reports. Truist Financial increased their price target on Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Morgan Stanley reaffirmed a “positive” rating and set a $10.00 target price on shares of Absci in a research report on Thursday, June 25th. Leerink Partners assumed coverage on Absci in a research note on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Friday, July 17th. Finally, Guggenheim increased their price target on shares of Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.71.

Absci Trading Up 16.1%

The stock has a market cap of $1.60 billion, a PE ratio of -11.86 and a beta of 2.42. The business has a 50-day moving average price of $8.78 and a 200 day moving average price of $6.51.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data 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). The firm had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. On average, equities analysts predict that Absci Corporation will post -0.74 earnings per share for the current year.

Institutional Trading of Absci

Several hedge funds and other institutional investors have recently modified their holdings of the business. WINTON GROUP Ltd purchased a new position in Absci in the 2nd quarter valued at approximately $445,000. Engineers Gate Manager LP purchased a new stake in shares of Absci during the second quarter worth $305,000. Integrated Wealth Concepts LLC bought a new position in shares of Absci in the second quarter worth $53,000. Corient Private Wealth LP bought a new position in shares of Absci in the second quarter worth $270,000. Finally, AXQ Capital LP grew its position in shares of Absci by 10.5% in the second quarter. AXQ Capital LP now owns 36,000 shares of the company’s stock valued at $417,000 after purchasing an additional 3,435 shares in the last quarter. Institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company’s capabilities include target discovery, protein design, antibody generation, and experimental validation.