Absci (NASDAQ:ABSI) Trading Down 7.6% – Here’s What Happened

Absci Corporation (NASDAQ:ABSI)’s stock price dropped 7.6% on Thursday . The company traded as low as $8.91 and last traded at $9.0180. 696,536 shares were traded during trading, a decline of 85% from the average daily volume of 4,741,625 shares. The stock had previously closed at $9.76.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ABSI shares. Leerink Partners began coverage on shares of Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price target on the stock. Morgan Stanley reiterated a “positive” rating and issued a $10.00 target price on shares of Absci in a research report on Thursday, June 25th. Guggenheim increased their price target on Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price (up from $7.00) on shares of Absci in a report on Wednesday, June 24th. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.43.

Absci Stock Performance

The company has a fifty day moving average of $7.69 and a two-hundred day moving average of $4.75. The company has a market cap of $1.33 billion, a PE ratio of -10.25 and a beta of 2.32.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $0.21 million for the quarter, compared to analyst estimates of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. On average, equities analysts forecast that Absci Corporation will post -0.71 EPS for the current year.

Hedge Funds Weigh In On Absci

Several hedge funds have recently modified their holdings of the stock. State Street Corp increased its position in shares of Absci by 190.1% in the 4th 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. Schonfeld Strategic Advisors LLC purchased a new position in Absci during the fourth quarter valued at approximately $8,201,000. Baker BROS. Advisors LP acquired a new position in Absci in the fourth quarter valued at approximately $7,450,000. Price T Rowe Associates Inc. MD lifted its holdings in Absci by 2,955.4% in the fourth 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 during the period. Finally, Heights Capital Management Inc. purchased a new stake in Absci in the 3rd quarter worth approximately $6,081,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

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.