Absci (NASDAQ:ABSI) Stock Price Up 5.6%

Absci Co. (NASDAQ:ABSI) shares rose 5.6% during trading on Wednesday . The company traded as high as $5.57 and last traded at $5.50. Approximately 302,341 shares changed hands during trading, a decline of 81% from the average daily volume of 1,554,976 shares. The stock had previously closed at $5.21.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ABSI. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Absci in a research note on Friday, March 22nd. KeyCorp upped their price objective on Absci from $5.00 to $8.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Truist Financial restated a “buy” rating and issued a $9.00 price objective on shares of Absci in a report on Tuesday. Finally, Scotiabank restated an “outperform” rating and issued a $13.00 price objective on shares of Absci in a report on Monday.

Absci Trading Up 2.5 %

The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.08 and a current ratio of 4.08. The stock has a fifty day moving average price of $4.67 and a 200 day moving average price of $3.00.

Absci (NASDAQ:ABSI) last announced its earnings results on Thursday, March 21st. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. The business had revenue of $0.34 million for the quarter, compared to the consensus estimate of $1.75 million. Research analysts expect that Absci Co. will post -0.75 earnings per share for the current year.

Insider Activity

In other Absci news, Director Redmile Group, Llc bought 222,222 shares of Absci stock in a transaction on Friday, March 1st. The shares were purchased at an average cost of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the acquisition, the director now owns 8,253,316 shares in the company, valued at approximately $37,139,922. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 11.58% of the company’s stock.

Institutional Trading of Absci

A number of institutional investors have recently modified their holdings of ABSI. JPMorgan Chase & Co. increased its position in shares of Absci by 142.9% in the first quarter. JPMorgan Chase & Co. now owns 40,742 shares of the company’s stock valued at $344,000 after acquiring an additional 23,967 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Absci by 377.7% in the 1st quarter. Bank of New York Mellon Corp now owns 138,823 shares of the company’s stock valued at $1,171,000 after purchasing an additional 109,763 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in shares of Absci during the 1st quarter valued at $285,000. Metropolitan Life Insurance Co NY bought a new position in Absci during the 1st quarter worth $33,000. Finally, Rhumbline Advisers bought a new position in Absci during the 1st quarter worth $399,000. 52.05% of the stock is currently owned by institutional investors.

About Absci

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.