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

Absci Corporation (NASDAQ:ABSI) hit a new 52-week high on Thursday. The company traded as high as $12.54 and last traded at $12.3770, with a volume of 653,749 shares traded. The stock had previously closed at $11.88.

Analysts Set New Price Targets

Several analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on Absci from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Absci in a report on Wednesday, September 23rd. Jefferies Financial Group assumed coverage on Absci in a report on Thursday. They set a “buy” rating and a $14.00 target price on the stock. HC Wainwright restated a “buy” rating on shares of Absci in a research note on Tuesday, October 20th. Finally, Lifesci Capital initiated coverage on Absci in a report on Wednesday, September 9th. They set an “outperform” rating for the company. Eleven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Absci has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Absci Trading Down 8.0%

The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -13.91 and a beta of 2.27. The stock’s 50 day moving average is $9.51 and its 200 day moving average is $6.47.

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 net margin of 7,756.38% and a negative return on equity of 61.71%. The company had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. On average, equities research analysts predict that Absci Corporation will post -0.76 EPS for the current year.

Institutional Trading of Absci

Hedge funds have recently added to or reduced their stakes in the company. Essential Partners LLC grew its stake in shares of 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 in the last quarter. Principal Financial Group Inc. bought a new position in Absci during the first quarter worth about $31,000. HB Wealth Management LLC raised its stake 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. Sterling Capital Management LLC raised its stake in Absci by 433.7% in the 3rd quarter. Sterling Capital Management LLC now owns 4,622 shares of the company’s stock worth $50,000 after purchasing an additional 3,756 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in Absci in the 2nd quarter worth about $53,000. 52.05% of the stock is owned by institutional investors and hedge funds.

Absci Company Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company’s technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.