Absci (NASDAQ:ABSI) Shares Down 9.1% – Here’s What Happened

Absci Corporation (NASDAQ:ABSI)’s stock price was down 9.1% on Thursday . The stock traded as low as $3.55 and last traded at $3.6550. Approximately 2,396,006 shares changed hands during trading, a decline of 26% from the average daily volume of 3,221,323 shares. The stock had previously closed at $4.02.

Analyst Ratings Changes

ABSI has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a report on Wednesday, October 8th. Morgan Stanley cut shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 target price on the stock. in a report on Thursday. HC Wainwright boosted their price target on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. JPMorgan Chase & Co. initiated coverage on shares of Absci in a research report on Thursday, October 2nd. They set an “overweight” rating for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a report on Friday, December 12th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Absci currently has an average rating of “Moderate Buy” and an average price target of $7.66.

Absci Stock Performance

The stock has a 50 day moving average of $3.44 and a two-hundred day moving average of $3.20. The stock has a market cap of $551.11 million, a PE ratio of -4.08 and a beta of 2.11.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $1.58 million. Absci had a negative return on equity of 60.19% and a negative net margin of 4,071.19%. Analysts expect that Absci Corporation will post -0.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

A number of institutional investors have recently made changes to their positions in ABSI. Quarry LP bought a new position in Absci in the 3rd quarter worth approximately $26,000. Scientech Research LLC acquired a new stake in shares of Absci in the third quarter worth $31,000. HB Wealth Management LLC bought a new position in Absci during the third quarter worth $31,000. Principal Financial Group Inc. bought a new position in Absci during the third quarter worth $31,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Absci during the 3rd quarter valued at $32,000. 52.05% of the stock is currently owned by institutional investors.

About Absci

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.