Absci (NASDAQ:ABSI) Shares Up 9.3%

Shares of Absci Co. (NASDAQ:ABSI) shot up 9.3% during trading on Tuesday . The stock traded as high as $4.93 and last traded at $4.93. 177,219 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,518,357 shares. The stock had previously closed at $4.51.

Analyst Ratings Changes

Several brokerages recently commented on ABSI. Scotiabank reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Absci in a research note on Monday, March 25th. KeyCorp boosted their price target on Absci from $5.00 to $8.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Absci in a research note on Friday, March 22nd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $9.00 price target on shares of Absci in a research note on Tuesday, March 26th.

Absci Trading Up 5.3 %

The company has a 50-day simple moving average of $5.19 and a 200-day simple moving average of $3.51. 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 market cap of $535.75 million, a P/E ratio of -4.11 and a beta of 2.36.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Thursday, March 21st. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The business had revenue of $0.34 million during the quarter, compared to the consensus estimate of $1.75 million. Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. On average, sell-side analysts forecast that Absci Co. will post -0.76 EPS for the current fiscal year.

Insider Transactions at Absci

In other news, Director Redmile Group, Llc bought 222,222 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was bought at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the transaction, the director now directly owns 8,253,316 shares in the company, valued at approximately $37,139,922. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.58% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Absci

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABSI. Dimension Capital Management LLC acquired a new position in Absci in the third quarter valued at about $28,000. Clarius Group LLC acquired a new position in Absci in the third quarter valued at about $40,000. Nations Financial Group Inc. IA ADV acquired a new position in Absci in the fourth quarter valued at about $42,000. Beacon Pointe Advisors LLC acquired a new position in Absci in the fourth quarter valued at about $42,000. Finally, Jump Financial LLC acquired a new position in Absci in the fourth quarter valued at about $67,000. Institutional investors own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.