Absci (NASDAQ:ABSI) Stock Price Up 5.8% Following Analyst Upgrade

Absci Corporation (NASDAQ:ABSI) shot up 5.8% during mid-day trading on Monday after KeyCorp raised their price target on the stock from $16.00 to $20.00. KeyCorp currently has an overweight rating on the stock. Absci traded as high as $8.96 and last traded at $8.7310. Approximately 348,373 shares changed hands during trading, a decline of 92% from the average session volume of 4,313,124 shares. The stock had previously closed at $8.25.

ABSI has been the subject of several other reports. HC Wainwright restated a “buy” rating and set a $16.00 target price on shares of Absci in a research note on Monday, October 12th. Wall Street Zen upgraded Absci from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Thursday. BTIG Research set a $15.00 price objective on Absci and gave the stock a “buy” rating in a research report on Tuesday, September 8th. Finally, JPMorgan Chase & Co. lifted their target price on Absci from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Absci presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.56.

Institutional Trading of Absci

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new stake in shares of Absci during the 2nd quarter valued at $53,000. Essential Partners LLC grew its position in Absci by 113,850.0% during the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after acquiring an additional 9,108 shares during the last quarter. Principal Financial Group Inc. bought a new stake in Absci during the 1st quarter worth $31,000. Persistent Asset Partners Ltd acquired a new position in Absci in the 2nd quarter worth about $123,000. Finally, HB Wealth Management LLC increased its holdings in Absci by 28.4% in the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock worth $39,000 after purchasing an additional 2,862 shares in the last quarter. Institutional investors and hedge funds own 52.05% of the company’s stock.

Absci Stock Performance

The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -10.92 and a beta of 2.27. The business has a fifty day simple moving average of $9.34 and a 200-day simple moving average of $7.61.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. The firm had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. On average, equities analysts anticipate that Absci Corporation will post -0.74 earnings per share for the current year.

About Absci

Absci Corporation is a biotechnology company that uses generative artificial intelligence and integrated laboratory technologies to discover and develop new medicines. The company focuses primarily on biologics, including antibody-based therapies, and aims to accelerate the process of moving from drug concept to candidate development.

Absci’s platform combines artificial intelligence models with biological data generation and laboratory experimentation. Its capabilities include protein and antibody design, target and candidate evaluation, and the development of cell lines and manufacturing processes intended to support biologic drug production.