Weiss Ratings Reaffirms Sell (D-) Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “sell (d-)” rating reaffirmed by analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other equities analysts also recently commented on ABSI. JPMorgan Chase & Co. assumed coverage on shares of Absci in a research note on Thursday, October 2nd. They issued an “overweight” rating for the company. Needham & Company LLC decreased their target price on shares of Absci from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, August 13th. Morgan Stanley decreased their target price on shares of Absci from $6.40 to $5.89 and set an “overweight” rating for the company in a research note on Monday, August 18th. Finally, Wall Street Zen cut shares of Absci from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $7.98.

Absci Trading Down 4.1%

Shares of ABSI opened at $4.01 on Wednesday. The company has a 50-day moving average of $2.82 and a two-hundred day moving average of $2.83. The stock has a market cap of $599.58 million, a P/E ratio of -4.27 and a beta of 2.06. Absci has a 12-month low of $2.01 and a 12-month high of $6.33.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, August 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. The company had revenue of $0.59 million during the quarter, compared to analysts’ expectations of $1.39 million. As a group, analysts forecast that Absci will post -0.89 EPS for the current fiscal year.

Insider Activity at Absci

In related news, CAO Todd Bedrick bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was purchased at an average price of $2.70 per share, for a total transaction of $27,000.00. Following the transaction, the chief accounting officer directly owned 180,428 shares of the company’s stock, valued at approximately $487,155.60. This represents a 5.87% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andreas Busch bought 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 28th. The stock was bought at an average price of $3.04 per share, with a total value of $152,000.00. Following the transaction, the insider directly owned 327,264 shares in the company, valued at $994,882.56. This represents a 18.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 155,785 shares of company stock worth $433,788 in the last 90 days. Corporate insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Absci

Several large investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Absci in the first quarter worth about $26,000. Neuberger Berman Group LLC acquired a new position in shares of Absci in the first quarter worth about $26,000. Banque Transatlantique SA acquired a new position in shares of Absci in the first quarter worth about $28,000. AssuredPartners Investment Advisors LLC acquired a new position in shares of Absci in the first quarter worth about $29,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Absci by 91.2% in the second 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. Institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.