Absci (NASDAQ:ABSI) Stock Price Down 8.3% – What’s Next?

Absci Corporation (NASDAQ:ABSI)’s stock price dropped 8.3% during trading on Wednesday . The stock traded as low as $9.87 and last traded at $9.8240. 1,197,437 shares were traded during trading, a decline of 72% from the average daily volume of 4,342,865 shares. The stock had previously closed at $10.71.

Analysts Set New Price Targets

A number of analysts have commented on the company. Truist Financial boosted their target price on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Guggenheim boosted their price objective on shares of Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Morgan Stanley reissued a “positive” rating and issued a $10.00 price objective on shares of Absci in a research note on Thursday, June 25th. BTIG Research set a $15.00 target price on shares of Absci and gave the company a “buy” rating in a report on Tuesday, September 8th. Finally, Lifesci Capital assumed coverage on shares of Absci in a research report on Wednesday, September 9th. They set an “outperform” rating for the company. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Absci currently has a consensus rating of “Moderate Buy” and an average price target of $13.71.

Absci Price Performance

The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -11.91 and a beta of 2.42. The stock’s 50-day moving average is $8.71 and its 200-day moving average is $6.71.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Absci during the second quarter worth about $141,112,000. Baker BROS. Advisors LP acquired a new stake in shares of Absci in the fourth quarter valued at about $7,450,000. Siren L.L.C. purchased a new stake in shares of Absci during the 1st quarter valued at about $5,400,000. Parkman Healthcare Partners LLC acquired a new position in Absci during the 2nd quarter worth approximately $10,366,000. Finally, Bank of America Corp DE acquired a new position in Absci during the 2nd quarter worth approximately $6,560,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Company Profile

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company’s capabilities include target discovery, protein design, antibody generation, and experimental validation.