Scotiabank Reaffirms “Outperform” Rating for Absci (NASDAQ:ABSI)

Scotiabank restated their outperform rating on shares of Absci (NASDAQ:ABSI) in a research report released on Monday, Stock Target Advisor reports. Scotiabank currently has a $13.00 price target on the stock.

A number of other equities analysts also recently issued reports on ABSI. HC Wainwright reissued a buy rating and issued a $7.00 price objective on shares of Absci in a report on Friday, March 22nd. KeyCorp raised their target price on shares of Absci from $5.00 to $8.00 and gave the stock an overweight rating in a research note on Monday, March 4th. Finally, Truist Financial restated a buy rating and set a $9.00 target price on shares of Absci in a research note on Wednesday, March 6th.

Absci Stock Performance

ABSI opened at $5.54 on Monday. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.03. The company has a market cap of $624.86 million, a price-to-earnings ratio of -4.62 and a beta of 2.35. The company’s 50 day moving average is $4.63 and its 200 day moving average is $2.98. Absci has a 12-month low of $1.11 and a 12-month high of $6.40.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Thursday, March 21st. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The business had revenue of $0.34 million during the quarter, compared to analysts’ expectations of $1.75 million. Absci had a negative return on equity of 44.52% and a negative net margin of 1,933.65%. On average, equities research analysts predict that Absci will post -0.78 EPS for the current year.

Insiders Place Their Bets

In related news, Director Redmile Group, Llc acquired 222,222 shares of Absci stock in a transaction dated Friday, March 1st. The shares were purchased at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the transaction, the director now directly owns 8,253,316 shares in the company, valued at approximately $37,139,922. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.58% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Credit Suisse AG purchased a new position in shares of Absci in the second quarter valued at $25,000. Dimension Capital Management LLC purchased a new position in shares of Absci in the third quarter valued at $28,000. Barclays PLC grew its holdings in shares of Absci by 538.2% in the fourth quarter. Barclays PLC now owns 14,251 shares of the company’s stock valued at $29,000 after purchasing an additional 12,018 shares in the last quarter. UBS Group AG grew its holdings in shares of Absci by 1,314.8% in the fourth quarter. UBS Group AG now owns 14,148 shares of the company’s stock valued at $30,000 after purchasing an additional 13,148 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY purchased a new position in shares of Absci in the first quarter valued at $33,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

About Absci

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.