Absci (NASDAQ:ABSI) Trading 9.4% Higher – Here’s What Happened

Absci Corporation (NASDAQ:ABSI) shares were up 9.4% during trading on Monday . The company traded as high as $8.09 and last traded at $8.11. Approximately 2,276,643 shares changed hands during trading, a decline of 47% from the average session volume of 4,258,963 shares. The stock had previously closed at $7.41.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Wednesday, March 25th. Leerink Partners started coverage on Absci in a research note on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price for the company. BTIG Research assumed coverage on shares of Absci in a research report on Thursday, May 28th. They set a “buy” rating and a $9.00 price objective for the company. Morgan Stanley set a $4.10 price objective on shares of Absci in a research note on Thursday, May 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.44.

Absci Stock Performance

The business has a 50 day moving average of $5.33 and a two-hundred day moving average of $3.86. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -10.12 and a beta of 2.44.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The business had revenue of $0.21 million for the quarter, compared to analyst estimates of $1.39 million. On average, equities analysts predict that Absci Corporation will post -0.72 EPS for the current fiscal year.

Institutional Trading of Absci

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position 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 buying an additional 3,925,926 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Absci in the 4th quarter valued at $8,201,000. Baker BROS. Advisors LP purchased a new stake in Absci in the 4th quarter valued at $7,450,000. ARK Investment Management LLC lifted its stake in Absci by 21.1% during the 3rd quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock valued at $36,975,000 after acquiring an additional 2,116,845 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Absci by 2,955.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock valued at $7,526,000 after acquiring an additional 2,085,501 shares in the last quarter. 52.05% of the stock is owned by institutional investors.

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.