Absci (NASDAQ:ABSI) Trading Down 4.8% – Should You Sell?

Absci Corporation (NASDAQ:ABSI) shares were down 4.8% during trading on Wednesday . The stock traded as low as $8.51 and last traded at $8.4160. Approximately 912,876 shares were traded during trading, a decline of 79% from the average daily volume of 4,378,139 shares. The stock had previously closed at $8.84.

Analyst Ratings Changes

Several brokerages recently weighed in on ABSI. HC Wainwright boosted their target price on Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. BTIG Research reiterated a “buy” rating and issued a $13.00 price target on shares of Absci in a research note on Wednesday, August 12th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Absci in a report on Wednesday, August 12th. Morgan Stanley restated a “positive” rating and set a $10.00 price target on shares of Absci in a research note on Thursday, June 25th. Finally, Truist Financial raised their price target on shares of Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.43.

Absci Trading Down 3.6%

The firm’s fifty day moving average price is $9.36 and its two-hundred day moving average price is $6.06. The stock has a market capitalization of $1.46 billion, a PE ratio of -10.65 and a beta of 2.42.

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

Institutional Trading of Absci

A number of institutional investors and hedge funds have recently made changes to their positions in ABSI. Quarry LP acquired a new stake in Absci in the 3rd quarter valued at $26,000. Essential Partners LLC raised its position in Absci by 113,850.0% during the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after acquiring an additional 9,108 shares during the period. BNP Paribas Financial Markets raised its position in Absci by 91.2% during the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after acquiring an additional 5,385 shares during the period. Legal & General Group Plc lifted its holdings in Absci by 45.9% during the second 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 in the last quarter. Finally, Principal Financial Group Inc. purchased a new position in Absci during the first quarter valued at $31,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

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.