Absci (NASDAQ:ABSI) Insider Acquires $229,000.00 in Stock

Absci Corporation (NASDAQ:ABSI) insider Andreas Busch purchased 100,000 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were bought at an average cost of $2.29 per share, with a total value of $229,000.00. Following the acquisition, the insider directly owned 421,446 shares of the company’s stock, valued at $965,111.34. This trade represents a 31.11% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Absci Stock Performance

Shares of NASDAQ ABSI traded up $0.11 during trading on Monday, hitting $2.50. The company had a trading volume of 2,298,078 shares, compared to its average volume of 3,267,339. Absci Corporation has a 12 month low of $2.01 and a 12 month high of $5.23. The firm has a market capitalization of $375.93 million, a P/E ratio of -2.78 and a beta of 2.12. The stock has a 50 day simple moving average of $2.88 and a 200 day simple moving average of $3.19.

Institutional Investors Weigh In On Absci

A number of institutional investors have recently added to or reduced their stakes in ABSI. Quarry LP purchased a new position in shares of Absci in the third quarter worth $26,000. BNP Paribas Financial Markets increased its holdings in Absci by 91.2% in the 2nd 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 last quarter. Legal & General Group Plc lifted its stake in Absci by 45.9% in the 2nd 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. HB Wealth Management LLC bought a new position in shares of Absci during the 3rd quarter valued at about $31,000. Finally, Principal Financial Group Inc. purchased a new position in shares of Absci during the third quarter valued at about $31,000. 52.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ABSI. Morgan Stanley downgraded shares of 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. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research report on Wednesday, January 21st. HC Wainwright lifted their target price on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 target price on shares of Absci in a report on Friday, December 12th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Absci presently has an average rating of “Moderate Buy” and a consensus price target of $7.66.

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.