Absci (NASDAQ:ABSI) Shares Up 5.8% – Here’s Why

Shares of Absci Co. (NASDAQ:ABSI) were up 5.8% during trading on Wednesday . The stock traded as high as $4.59 and last traded at $4.60. Approximately 848,382 shares were traded during trading, a decline of 88% from the average daily volume of 7,276,706 shares. The stock had previously closed at $4.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC started coverage on shares of Absci in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 price objective for the company. KeyCorp cut their price target on shares of Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Guggenheim reissued a “buy” rating and issued a $10.00 target price on shares of Absci in a research note on Tuesday, December 3rd. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Friday, January 17th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $8.57.

Absci Price Performance

The firm has a market cap of $542.02 million, a P/E ratio of -5.08 and a beta of 2.11. The business has a 50-day simple moving average of $3.33 and a 200 day simple moving average of $3.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The company had revenue of $1.70 million for the quarter, compared to analysts’ expectations of $1.77 million. During the same period in the previous year, the firm posted ($0.24) earnings per share. On average, analysts anticipate that Absci Co. will post -0.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

Several large investors have recently bought and sold shares of ABSI. PCA Investment Advisory Services Inc. purchased a new stake in shares of Absci during the fourth quarter worth about $26,000. Alpha Cubed Investments LLC bought a new position in shares of Absci during the 4th quarter valued at about $26,000. Ballentine Partners LLC purchased a new position in shares of Absci during the fourth quarter valued at about $27,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Absci in the third quarter worth about $53,000. Finally, Verdence Capital Advisors LLC bought a new position in Absci during the fourth quarter valued at approximately $37,000. 52.05% of the stock is currently owned by institutional investors.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.