Absci (NASDAQ:ABSI) Announces Earnings Results

Absci (NASDAQ:ABSI) posted its quarterly earnings results on Wednesday. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03), Yahoo Finance reports. The firm had revenue of $1.27 million for the quarter, compared to the consensus estimate of $2.05 million. Absci had a negative net margin of 2,042.01% and a negative return on equity of 44.60%. During the same quarter in the prior year, the company earned ($0.27) earnings per share.

Absci Stock Down 3.1 %

NASDAQ:ABSI opened at $4.01 on Friday. Absci has a 1-year low of $1.11 and a 1-year high of $6.72. The company has a market capitalization of $453.47 million, a PE ratio of -3.46 and a beta of 2.21. The firm’s 50-day moving average price is $3.78 and its 200-day moving average price is $4.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.19 and a quick ratio of 7.19.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ABSI shares. Morgan Stanley initiated coverage on Absci in a report on Wednesday, July 3rd. They set an “overweight” rating and a $7.00 price target on the stock. KeyCorp decreased their target price on Absci from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Thursday, July 11th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Absci in a research report on Thursday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.40.

Insider Buying and Selling

In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the completion of the transaction, the insider now owns 11,279,522 shares of the company’s stock, valued at approximately $49,629,896.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Zachariah Jonasson sold 19,859 shares of Absci stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $4.98, for a total value of $98,897.82. Following the completion of the sale, the chief financial officer now directly owns 384,751 shares in the company, valued at approximately $1,916,059.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the sale, the insider now directly owns 11,279,522 shares of the company’s stock, valued at approximately $49,629,896.80. The disclosure for this sale can be found here. 9.81% of the stock is currently owned by insiders.

Absci Company Profile

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.