Absci (NASDAQ:ABSI) Issues Earnings Results

Absci (NASDAQ:ABSI) issued its earnings results on Tuesday. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.04), FiscalAI reports. Absci had a negative net margin of 4,071.19% and a negative return on equity of 60.19%. The business had revenue of $0.65 million during the quarter, compared to the consensus estimate of $1.38 million.

Absci Trading Up 2.7%

Shares of ABSI stock traded up $0.08 on Tuesday, reaching $3.01. The company had a trading volume of 4,305,714 shares, compared to its average volume of 3,592,154. The stock has a market cap of $452.61 million, a PE ratio of -3.34 and a beta of 2.12. The company has a 50-day moving average of $2.79 and a 200-day moving average of $3.21. Absci has a 12 month low of $2.01 and a 12 month high of $5.23.

Insider Buying and Selling

In other news, insider Andreas Busch purchased 100,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was bought at an average price of $2.29 per share, with a total value of $229,000.00. Following the acquisition, the insider directly owned 421,446 shares of the company’s stock, valued at approximately $965,111.34. This represents a 31.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sean Mcclain sold 26,761 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $2.99, for a total transaction of $80,015.39. Following the completion of the sale, the chief executive officer owned 8,334,567 shares of the company’s stock, valued at approximately $24,920,355.33. This represents a 0.32% decrease in their position. The disclosure for this sale is available in the SEC filing. 10.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Absci

Hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc grew its stake in shares of Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after buying an additional 3,678 shares in the last quarter. Deutsche Bank AG lifted its stake in Absci by 5.6% in the fourth quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock valued at $322,000 after acquiring an additional 4,892 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Absci by 91.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after acquiring an additional 5,385 shares during the period. Invesco Ltd. grew its position in shares of Absci by 14.3% in the 4th quarter. Invesco Ltd. now owns 54,550 shares of the company’s stock valued at $190,000 after acquiring an additional 6,826 shares during the period. Finally, Quarry LP acquired a new position in shares of Absci during the 3rd quarter worth about $26,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ABSI. Morgan Stanley lowered shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price objective on the stock. in a report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a report on Wednesday, January 21st. HC Wainwright upped their target price on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $7.00 price target on shares of Absci in a research note on Wednesday, March 18th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Absci presently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

Absci Company Profile

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.