Absci (NASDAQ:ABSI) Sets New 1-Year High – Here’s Why

Absci Corporation (NASDAQ:ABSI)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $8.17 and last traded at $7.7040, with a volume of 1217182 shares changing hands. The stock had previously closed at $6.80.

Analyst Upgrades and Downgrades

ABSI has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Absci in a research report on Wednesday, March 25th. BTIG Research initiated coverage on Absci in a research report on Thursday, May 28th. They issued a “buy” rating and a $9.00 price target on the stock. Guggenheim lifted their price objective on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday. Leerink Partners assumed coverage on Absci in a research report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price objective for the company. Finally, Truist Financial increased their target price on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $9.44.

Absci Trading Up 9.5%

The firm’s fifty day moving average price is $4.90 and its 200-day moving average price is $3.71. The company has a market cap of $1.16 billion, a P/E ratio of -8.99 and a beta of 2.44.

Absci (NASDAQ:ABSI) last released its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. The business had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $1.39 million. As a group, research analysts forecast that Absci Corporation will post -0.72 earnings per share for the current fiscal year.

Institutional Trading of Absci

Institutional investors have recently modified their holdings of the company. Quarry LP bought a new stake in Absci in the 3rd quarter valued at $26,000. Essential Partners LLC increased its stake in Absci by 113,850.0% in the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock valued at $27,000 after acquiring an additional 9,108 shares during the period. BNP Paribas Financial Markets increased its stake in Absci by 91.2% in the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after acquiring an additional 5,385 shares during the period. Legal & General Group Plc raised its position in Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after purchasing an additional 3,678 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new position in Absci during the third quarter worth about $31,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Company Profile

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.