Absci (NASDAQ:ABSI) Share Price Breaks Above Fifty Day Moving Average – Here’s Why

Absci Corporation (NASDAQ:ABSI)’s share price passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $9.57 and traded as high as $10.26. Absci shares last traded at $10.17, with a volume of 4,156,529 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ABSI. JPMorgan Chase & Co. raised 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. Wall Street Zen raised shares of Absci from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. KeyCorp boosted their price objective on Absci from $16.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, October 16th. Guggenheim reiterated a “buy” rating on shares of Absci in a research note on Monday, September 28th. Finally, HC Wainwright reiterated a “buy” rating on shares of Absci in a research report on Tuesday, October 20th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.50.

Absci Stock Up 8.3%

The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -12.71 and a beta of 2.22. The company’s 50 day moving average price is $9.57 and its 200 day moving average price is $6.64.

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

Institutional Investors Weigh In On Absci

A number of institutional investors have recently modified their holdings of the business. Parkman Healthcare Partners LLC bought a new stake in shares of Absci during the 2nd quarter valued at about $10,366,000. Siren L.L.C. acquired a new position in shares of Absci in the first quarter valued at approximately $5,400,000. Bank of America Corp DE purchased a new stake in Absci during the second quarter valued at about $6,560,000. Deutsche Bank AG bought a new stake in shares of Absci during the second quarter valued at approximately $1,591,000. Finally, Artia Global Partners LP acquired a new position in shares of Absci in the second quarter worth about $5,383,000. Institutional investors own 52.05% of the company’s stock.

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.