Absci (NASDAQ:ABSI) Sees Unusually-High Trading Volume – What’s Next?

Absci Corporation (NASDAQ:ABSI) saw an uptick in trading volume on Friday . 3,214,863 shares were traded during mid-day trading, a decline of 14% from the previous session’s volume of 3,717,744 shares.The stock last traded at $3.3650 and had previously closed at $3.44.

Analyst Upgrades and Downgrades

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

Absci Trading Down 0.1%

The company has a market capitalization of $516.52 million, a PE ratio of -3.83 and a beta of 2.11. The business’s 50-day simple moving average is $3.42 and its 200-day simple moving average is $3.20.

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

Institutional Investors Weigh In On Absci

Institutional investors have recently modified their holdings of the company. ARK Investment Management LLC increased its position in Absci by 21.1% during the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock worth $36,975,000 after buying an additional 2,116,845 shares in the last quarter. Heights Capital Management Inc. purchased a new position in shares of Absci in the 3rd quarter worth $6,081,000. Vanguard Group Inc. lifted its position in Absci by 12.9% during the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after buying an additional 830,336 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Absci by 24.4% during the third quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock worth $9,701,000 after purchasing an additional 625,451 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Absci during the 2nd quarter valued at $1,575,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

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.