Absci (NASDAQ:ABSI) Trading 7.3% Higher – Should You Buy?

Shares of Absci Corporation (NASDAQ:ABSI) traded up 7.3% during mid-day trading on Friday . The company traded as high as $6.98 and last traded at $6.9860. 582,543 shares were traded during trading, a decline of 86% from the average session volume of 4,164,209 shares. The stock had previously closed at $6.51.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ABSI. Leerink Partners began coverage on shares of Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. BTIG Research started coverage on shares of Absci in a research note on Thursday, May 28th. They issued a “buy” rating and a $9.00 target price for the company. Morgan Stanley set a $4.10 price objective on shares of Absci in a report on Thursday, May 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Wednesday, March 25th. Six equities 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.52.

Absci Stock Performance

The business’s 50-day moving average price is $4.83 and its 200 day moving average price is $3.68. The company has a market cap of $1.04 billion, a P/E ratio of -7.97 and a beta of 2.44.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $0.22 million during the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. Equities research analysts forecast that Absci Corporation will post -0.72 earnings per share for the current year.

Institutional Trading of Absci

Hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new stake in Absci in the 3rd quarter worth about $26,000. Essential Partners LLC raised its position in shares of Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after buying an additional 9,108 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Absci by 91.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after buying an additional 5,385 shares in the last quarter. Legal & General Group Plc raised its position in shares of Absci by 45.9% in the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after buying an additional 3,678 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new position in shares of Absci in the 3rd quarter valued at approximately $31,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Company Profile

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.