Absci (NASDAQ:ABSI) Stock Crosses Above 50-Day Moving Average – Here’s Why

Absci Corporation (NASDAQ:ABSI) shares passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $9.34 and traded as high as $9.76. Absci shares last traded at $9.45, with a volume of 3,362,562 shares trading hands.

Analysts Set New Price Targets

ABSI has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating on shares of Absci in a research note on Tuesday, October 20th. Lifesci Capital started coverage on shares of Absci in a report on Wednesday, September 9th. They set an “outperform” rating on the stock. Truist Financial raised their target price on shares of Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Absci in a report on Wednesday, September 23rd. Finally, KeyCorp boosted their target price on shares of Absci from $16.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, October 16th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.56.

Absci Price Performance

The company has a market capitalization of $1.62 billion, a PE ratio of -11.81 and a beta of 2.27. The firm has a 50-day simple moving average of $9.34 and a 200 day simple moving average of $6.31.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share 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 firm had revenue of $0.32 million for the quarter, compared to analyst estimates of $0.92 million. Equities research analysts expect that Absci Corporation will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

Institutional investors and hedge funds have recently made changes to their positions in the company. Essential Partners LLC lifted its holdings in Absci by 113,850.0% in 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 last quarter. Principal Financial Group Inc. bought a new stake in shares of Absci in the 1st quarter worth approximately $31,000. HB Wealth Management LLC increased its stake in Absci by 28.4% in the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock worth $39,000 after purchasing an additional 2,862 shares in the last quarter. Sterling Capital Management LLC boosted its stake in Absci by 433.7% in the 3rd quarter. Sterling Capital Management LLC now owns 4,622 shares of the company’s stock worth $50,000 after purchasing an additional 3,756 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Absci during the second quarter valued at $53,000. 52.05% of the stock is owned by institutional investors and hedge funds.

Absci Company Profile

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.