Absci (NASDAQ:ABSI) Rating Reiterated by Truist Financial

Truist Financial reaffirmed their buy rating on shares of Absci (NASDAQ:ABSI) in a research report report published on Tuesday, Benzinga reports. Truist Financial currently has a $9.00 price objective on the stock.

Other equities analysts also recently issued research reports about the company. KeyCorp lifted their price target on Absci from $5.00 to $8.00 and gave the company an overweight rating in a research note on Monday, March 4th. HC Wainwright reaffirmed a buy rating and issued a $7.00 price target on shares of Absci in a report on Friday, March 22nd. Finally, Scotiabank reaffirmed an outperform rating and issued a $13.00 price target on shares of Absci in a report on Monday, March 25th.

Absci Stock Performance

ABSI stock opened at $5.68 on Tuesday. The stock has a 50-day moving average price of $4.72 and a 200-day moving average price of $3.03. Absci has a 1-year low of $1.11 and a 1-year high of $6.40. 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 firm has a market cap of $640.65 million, a PE ratio of -4.73 and a beta of 2.35.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Thursday, March 21st. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). Absci had a negative return on equity of 44.52% and a negative net margin of 1,933.65%. The business had revenue of $0.34 million during the quarter, compared to the consensus estimate of $1.75 million. As a group, equities research analysts expect that Absci will post -0.75 earnings per share for the current year.

Insider Buying and Selling

In other Absci news, Director Redmile Group, Llc purchased 222,222 shares of the business’s stock in a transaction on Friday, March 1st. The stock was acquired at an average cost 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 legal filing with the SEC, which is accessible through this link. 11.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On Absci

Hedge funds and other institutional investors have recently modified their holdings of the company. Clarius Group LLC bought a new position in shares of Absci during the third quarter valued at about $40,000. Dimension Capital Management LLC bought a new position in shares of Absci during the third quarter valued at about $28,000. Farther Finance Advisors LLC raised its stake in shares of Absci by 5.4% during the second quarter. Farther Finance Advisors LLC now owns 457,268 shares of the company’s stock valued at $695,000 after acquiring an additional 23,350 shares during the last quarter. Alliancebernstein L.P. bought a new position in shares of Absci during the fourth quarter valued at about $33,000. Finally, Metropolitan Life Insurance Co NY bought a new position in shares of Absci during the first quarter valued at about $33,000. 52.05% of the stock is owned by institutional investors.

Absci Company Profile

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.