Absci (NASDAQ:ABSI) Stock Crosses Above 50 Day Moving Average – Time to Sell?

Absci Corporation (NASDAQ:ABSI) crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $9.57 and traded as high as $10.26. Absci shares last traded at $10.17, with a volume of 4,156,529 shares.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ABSI. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a report on Thursday, October 15th. Guggenheim reissued a “buy” rating on shares of Absci in a report on Monday, September 28th. BTIG Research set a $15.00 price target on shares of Absci and gave the company a “buy” rating in a report on Tuesday, September 8th. HC Wainwright restated a “buy” rating on shares of Absci in a research report on Tuesday, October 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Absci in a report on Wednesday, September 23rd. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.50.

Absci Stock Up 8.3%

The company has a market cap of $1.75 billion, a price-to-earnings ratio of -12.71 and a beta of 2.22. The stock has a fifty day moving average price of $9.57 and a two-hundred day moving average price of $6.64.

Absci (NASDAQ:ABSI) last announced its earnings results 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). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The business had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Analysts predict that Absci Corporation will post -0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

Large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new position in shares of Absci during the second quarter worth $53,000. Sterling Capital Management LLC boosted its holdings in shares of Absci by 433.7% during the 3rd quarter. Sterling Capital Management LLC now owns 4,622 shares of the company’s stock valued at $50,000 after acquiring an additional 3,756 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Absci during the 3rd quarter valued at $94,000. Essential Partners LLC grew its position in Absci by 113,850.0% during the 1st 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 last quarter. Finally, Principal Financial Group Inc. bought a new stake in Absci during the 1st quarter worth $31,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

About Absci

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company’s technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.