Absci (NASDAQ:ABSI) Issues Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Absci (NASDAQ:ABSI) issued its quarterly earnings data on Tuesday. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04), FiscalAI reports. The firm had revenue of $0.65 million during the quarter, compared to the consensus estimate of $1.38 million. Absci had a negative return on equity of 60.19% and a negative net margin of 4,071.19%.

Absci Trading Up 2.7%

Shares of NASDAQ:ABSI traded up $0.08 during mid-day trading on Tuesday, reaching $3.01. The company had a trading volume of 4,266,260 shares, compared to its average volume of 3,576,447. Absci has a one year low of $2.01 and a one year high of $5.23. The company’s 50-day moving average price is $2.79 and its 200-day moving average price is $3.21. The firm has a market cap of $452.61 million, a price-to-earnings ratio of -3.34 and a beta of 2.12.

Wall Street Analyst Weigh In

ABSI has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Wednesday, March 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research report on Wednesday, January 21st. Morgan Stanley cut Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective on the stock. in a research report on Thursday, January 8th. Finally, HC Wainwright upped 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. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

Insider Buying and Selling at Absci

In other news, CEO Sean Mcclain sold 26,761 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $2.99, for a total transaction of $80,015.39. Following the completion of the transaction, the chief executive officer owned 8,334,567 shares in the company, valued at approximately $24,920,355.33. This represents a 0.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andreas Busch acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of $2.29 per share, with a total value of $229,000.00. Following the acquisition, the insider owned 421,446 shares in the company, valued at $965,111.34. The trade was a 31.11% increase in their position. The SEC filing for this purchase provides additional information. 10.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Absci

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABSI. AQR Capital Management LLC lifted its stake in Absci by 279.4% in the 1st quarter. AQR Capital Management LLC now owns 55,538 shares of the company’s stock worth $139,000 after purchasing an additional 40,901 shares in the last quarter. Man Group plc purchased a new position in shares of Absci during the 3rd quarter valued at $122,000. Jain Global LLC purchased a new position in shares of Absci during the 3rd quarter valued at $104,000. The Manufacturers Life Insurance Company increased its holdings in shares of Absci by 35.8% in the second quarter. The Manufacturers Life Insurance Company now owns 40,175 shares of the company’s stock worth $103,000 after purchasing an additional 10,585 shares during the period. Finally, Brooklyn Investment Group increased its holdings in shares of Absci by 13,498.1% in the third quarter. Brooklyn Investment Group now owns 21,485 shares of the company’s stock worth $65,000 after purchasing an additional 21,327 shares during the period. 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.