Absci (NASDAQ:ABSI) Stock Price Down 4.2% – Time to Sell?

Absci Corporation (NASDAQ:ABSI) dropped 4.2% during mid-day trading on Tuesday . The company traded as low as $3.50 and last traded at $3.5150. Approximately 149,643 shares changed hands during trading, a decline of 97% from the average daily volume of 4,822,473 shares. The stock had previously closed at $3.67.

Wall Street Analysts Forecast Growth

ABSI has been the topic of a number of recent analyst reports. HC Wainwright increased their price target on Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research report on Wednesday, October 8th. JPMorgan Chase & Co. began coverage on shares of Absci in a report on Thursday, October 2nd. They issued an “overweight” rating on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 target price on shares of Absci in a research report on Friday, December 12th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Absci presently has an average rating of “Moderate Buy” and an average target price of $7.98.

Absci Price Performance

The firm has a 50-day simple moving average of $3.64 and a 200 day simple moving average of $3.13. The company has a market capitalization of $534.57 million, a PE ratio of -3.97 and a beta of 2.13.

Absci (NASDAQ:ABSI) last posted its earnings results on Wednesday, November 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The company had revenue of $0.38 million during the quarter, compared to analyst estimates of $1.58 million. Absci had a negative net margin of 4,071.19% and a negative return on equity of 60.19%. Equities research analysts expect that Absci Corporation will post -0.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

Several hedge funds and other institutional investors have recently bought and sold shares of ABSI. Quarry LP acquired a new stake in Absci in the third quarter valued at $26,000. Banque Transatlantique SA bought a new position in Absci during the 1st quarter worth $28,000. BNP Paribas Financial Markets increased its holdings in shares of Absci by 91.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after acquiring an additional 5,385 shares during the period. Legal & General Group Plc increased its stake in shares of Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after purchasing an additional 3,678 shares during the period. Finally, HB Wealth Management LLC bought a new stake in Absci during the 3rd quarter valued at $31,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

About Absci

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.