Absci (NASDAQ:ABSI) Trading Down 7.8% – Should You Sell?

Absci Corporation (NASDAQ:ABSI) dropped 7.8% on Monday . The company traded as low as $8.75 and last traded at $8.8030. 870,642 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 4,435,745 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

Several brokerages have commented on ABSI. Truist Financial increased their target price on Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Morgan Stanley reaffirmed a “positive” rating and set a $10.00 price target on shares of Absci in a report on Thursday, June 25th. Wall Street Zen raised Absci from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Absci in a report on Wednesday, August 12th. Finally, HC Wainwright boosted their price objective on shares of Absci from $8.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $13.43.

Absci Stock Down 7.1%

The business’s fifty day moving average is $9.12 and its 200-day moving average is $5.74. The company has a market cap of $1.52 billion, a PE ratio of -11.06 and a beta of 2.35.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. Analysts forecast that Absci Corporation will post -0.74 EPS for the current fiscal year.

Institutional Trading of Absci

Several hedge funds have recently bought and sold shares of the stock. HB Wealth Management LLC boosted its stake in shares of Absci by 28.4% in the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock worth $39,000 after acquiring an additional 2,862 shares during the period. AXQ Capital LP raised its stake in Absci by 10.5% during the 2nd quarter. AXQ Capital LP now owns 36,000 shares of the company’s stock valued at $417,000 after purchasing an additional 3,435 shares during the period. Legal & General Group Plc raised its stake in Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after purchasing an additional 3,678 shares during the period. Deutsche Bank AG lifted its holdings in Absci by 5.6% in the 4th quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock worth $322,000 after purchasing an additional 4,892 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Absci by 91.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after purchasing an additional 5,385 shares in the last quarter. Institutional investors 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.