Analysts Set Absci Corporation (NASDAQ:ABSI) Target Price at $7.66

Absci Corporation (NASDAQ:ABSI) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $7.6640.

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price target on shares of Absci in a report on Friday, December 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research note on Wednesday, January 21st. HC Wainwright lifted their price target on shares of Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Finally, Morgan Stanley cut Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price target on the stock. in a report on Thursday, January 8th.

Insider Activity

In other news, CEO Sean Mcclain sold 26,761 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $2.99, for a total transaction of $80,015.39. Following the sale, the chief executive officer directly owned 8,334,567 shares of the company’s stock, valued at $24,920,355.33. The trade was a 0.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On Absci

Institutional investors have recently bought and sold shares of the stock. ARK Investment Management LLC lifted its stake in Absci by 3.2% during the fourth quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock valued at $43,802,000 after buying an additional 388,026 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Absci by 12.9% in the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock worth $22,137,000 after acquiring an additional 830,336 shares in the last quarter. State Street Corp raised its holdings in shares of Absci by 190.1% during the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock valued at $20,908,000 after acquiring an additional 3,925,926 shares during the period. Geode Capital Management LLC raised its holdings in shares of Absci by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock valued at $11,309,000 after acquiring an additional 186,708 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of Absci by 24.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock valued at $9,701,000 after acquiring an additional 625,451 shares in the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Stock Performance

ABSI opened at $2.65 on Friday. The company has a market capitalization of $398.48 million, a PE ratio of -2.94 and a beta of 2.11. The stock’s fifty day moving average is $3.14 and its 200-day moving average is $3.20. Absci has a one year low of $2.01 and a one year high of $5.23.

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.