Absci (NASDAQ:ABSI) Shares Gap Up – What’s Next?

Absci Co. (NASDAQ:ABSI)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $5.82, but opened at $6.27. Absci shares last traded at $6.29, with a volume of 3,597,708 shares.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ABSI shares. Guggenheim reissued a “buy” rating and set a $10.00 target price on shares of Absci in a report on Tuesday, December 3rd. KeyCorp dropped their target price on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Needham & Company LLC assumed coverage on shares of Absci in a research report on Wednesday, January 22nd. They set a “buy” rating and a $9.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Absci in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Absci currently has a consensus rating of “Buy” and a consensus target price of $8.57.

Absci Stock Down 6.8 %

The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. The stock’s 50-day moving average is $3.67 and its 200-day moving average is $3.75. The stock has a market cap of $596.12 million, a P/E ratio of -5.58 and a beta of 2.11.

Hedge Funds Weigh In On Absci

Several large investors have recently made changes to their positions in ABSI. Cherry Creek Investment Advisors Inc. bought a new position in shares of Absci during the 3rd quarter valued at about $149,000. Farther Finance Advisors LLC boosted its position in shares of Absci by 119.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after purchasing an additional 10,275 shares in the last quarter. ARK Investment Management LLC boosted its position in shares of Absci by 15.1% during the 3rd quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock valued at $24,210,000 after purchasing an additional 833,734 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Absci by 21.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,844 shares of the company’s stock valued at $3,399,000 after purchasing an additional 158,086 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Absci by 5.9% during the 3rd quarter. Victory Capital Management Inc. now owns 150,562 shares of the company’s stock valued at $575,000 after purchasing an additional 8,388 shares in the last quarter. 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.