Absci (NASDAQ:ABSI) Shares Up 6.1% – Here’s What Happened

Absci Corporation (NASDAQ:ABSI)’s stock price rose 6.1% on Tuesday. The company traded as high as $10.08 and last traded at $10.0650. 2,149,625 shares were traded during mid-day trading, a decline of 50% from the average session volume of 4,334,634 shares. The stock had previously closed at $9.49.

Analyst Upgrades and Downgrades

ABSI has been the subject of several research analyst reports. Morgan Stanley reiterated a “positive” rating and issued a $10.00 price target on shares of Absci in a report on Thursday, June 25th. Lifesci Capital started coverage on Absci in a research report on Wednesday, September 9th. They set an “outperform” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research report on Friday, July 17th. Leerink Partners started coverage on Absci in a research note on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price target for the company. Finally, BTIG Research set a $15.00 target price on Absci and gave the stock a “buy” rating in a report on Tuesday, September 8th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.71.

Absci Stock Performance

The stock has a market cap of $1.74 billion, a PE ratio of -12.57 and a beta of 2.42. The business has a 50 day moving average price of $8.81 and a two-hundred day moving average price of $6.92.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) 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 business had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. As a group, research analysts anticipate that Absci Corporation will post -0.74 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. WINTON GROUP Ltd purchased a new position in shares of Absci during the 2nd quarter worth approximately $445,000. Engineers Gate Manager LP bought a new position in Absci in the 2nd quarter worth about $305,000. Integrated Wealth Concepts LLC bought a new position in shares of Absci in the second quarter worth approximately $53,000. Corient Private Wealth LP bought a new position in shares of Absci in the second quarter worth approximately $270,000. Finally, AXQ Capital LP grew its holdings in shares of Absci by 10.5% during the second quarter. AXQ Capital LP now owns 36,000 shares of the company’s stock valued at $417,000 after buying an additional 3,435 shares during the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company’s capabilities include target discovery, protein design, antibody generation, and experimental validation.