Absci (NASDAQ:ABSI) Shares Up 13.2% – Should You Buy?

Shares of Absci Corporation (NASDAQ:ABSI) rose 13.2% during mid-day trading on Friday. The company traded as high as $9.30 and last traded at $10.12. 297,880 shares changed hands during trading, a decline of 93% from the average session volume of 4,339,267 shares. The stock had previously closed at $8.94.

Analysts Set New Price Targets

A number of research firms have recently commented on ABSI. Lifesci Capital initiated coverage on Absci in a research report on Wednesday, September 9th. They issued an “outperform” rating for the company. Truist Financial increased their target price on Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research note on Friday, July 17th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Absci in a report on Wednesday, September 23rd. Finally, Wall Street Zen upgraded shares of Absci from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Eight 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $13.71.

Absci Stock Up 13.6%

The firm has a market cap of $1.74 billion, a PE ratio of -12.65 and a beta of 2.27. The firm has a 50-day moving average price of $9.24 and a two-hundred day moving average price of $7.35.

Absci (NASDAQ:ABSI) last issued its quarterly 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 return on equity of 61.71% and a negative net margin of 7,756.38%.The firm had revenue of $0.32 million during the quarter, compared to analyst estimates of $0.92 million. Research analysts forecast that Absci Corporation will post -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

A number of hedge funds have recently modified their holdings of ABSI. HB Wealth Management LLC raised its holdings in shares of Absci by 28.4% during the 1st 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 grew its holdings in shares of Absci by 10.5% in the second 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. Integrated Wealth Concepts LLC acquired a new stake in Absci during the second quarter worth about $53,000. Essential Partners LLC increased 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 purchasing an additional 9,108 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in Absci during the first quarter worth about $31,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Company Profile

Absci Corporation is a biotechnology company that uses generative artificial intelligence and integrated laboratory technologies to discover and develop new medicines. The company focuses primarily on biologics, including antibody-based therapies, and aims to accelerate the process of moving from drug concept to candidate development.

Absci’s platform combines artificial intelligence models with biological data generation and laboratory experimentation. Its capabilities include protein and antibody design, target and candidate evaluation, and the development of cell lines and manufacturing processes intended to support biologic drug production.