Absci Co. (NASDAQ:ABSI) Given Average Rating of “Buy” by Analysts

Shares of Absci Co. (NASDAQ:ABSI) have been given a consensus rating of “Buy” by the six analysts that are covering the company, MarketBeat reports. Six investment analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have covered the stock in the last year is $8.67.

A number of research firms have recently weighed in on ABSI. Morgan Stanley began coverage on Absci in a research note on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 price objective for the company. KeyCorp decreased their target price on Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Guggenheim assumed coverage on Absci in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $10.00 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Absci in a research report on Thursday, August 15th.

Absci Stock Performance

NASDAQ:ABSI opened at $3.94 on Wednesday. The stock has a 50-day simple moving average of $4.00 and a two-hundred day simple moving average of $4.31. Absci has a 52-week low of $1.11 and a 52-week high of $6.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.49 and a current ratio of 6.49. The firm has a market capitalization of $445.55 million, a PE ratio of -3.40 and a beta of 2.19.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The company 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 2,838.89% and a negative return on equity of 44.24%. During the same period in the prior year, the firm posted ($0.27) EPS. Analysts forecast that Absci will post -0.8 EPS for the current year.

Institutional Investors Weigh In On Absci

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. Hsbc Holdings PLC raised its position in Absci by 153.8% during the fourth quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock valued at $1,769,000 after purchasing an additional 247,019 shares during the period. Salem Investment Counselors Inc. bought a new position in Absci in the first quarter worth approximately $122,000. Cannon Global Investment Management LLC bought a new position in Absci in the first quarter worth approximately $104,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Absci in the first quarter worth approximately $2,390,000. Finally, Capstone Investment Advisors LLC bought a new stake in Absci during the 1st quarter valued at $1,477,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

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.