Absci (NASDAQ:ABSI) Stock Price Up 10.6% – Should You Buy?

Absci Corporation (NASDAQ:ABSI)’s share price was up 10.6% during mid-day trading on Thursday . The stock traded as high as $5.65 and last traded at $5.7050. Approximately 1,910,863 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 4,017,772 shares. The stock had previously closed at $5.16.

Analyst Ratings Changes

Several equities analysts recently issued reports on ABSI shares. BTIG Research started coverage on Absci in a report on Thursday. They issued a “buy” rating and a $9.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a report on Monday, April 20th. Morgan Stanley set a $4.10 price target on Absci in a report on Thursday, May 14th. Needham & Company LLC reissued a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Wednesday, March 25th. Finally, Truist Financial increased their target price on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.82.

Absci Price Performance

The firm has a 50 day simple moving average of $4.04 and a two-hundred day simple moving average of $3.41. The stock has a market cap of $920.62 million, a price-to-earnings ratio of -7.11 and a beta of 2.36.

Absci (NASDAQ:ABSI) last released its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The firm had revenue of $0.22 million for the quarter, compared to analyst estimates of $1.39 million. On average, sell-side analysts expect that Absci Corporation will post -0.77 earnings per share for the current fiscal year.

Insider Activity at Absci

In other Absci news, insider Andreas Busch purchased 100,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were bought at an average price of $2.29 per share, with a total value of $229,000.00. Following the completion of the transaction, the insider directly owned 421,446 shares in the company, valued at $965,111.34. This trade represents a 31.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Absci

A number of hedge funds have recently modified their holdings of ABSI. ARK Investment Management LLC grew its holdings in shares of Absci by 21.1% during the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock worth $36,975,000 after buying an additional 2,116,845 shares in the last quarter. Heights Capital Management Inc. bought a new position in shares of Absci during the third quarter worth about $6,081,000. UBS Group AG grew its holdings in shares of Absci by 35.4% during the fourth quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock worth $9,421,000 after buying an additional 706,396 shares in the last quarter. Amova Asset Management Americas Inc. grew its holdings in shares of Absci by 3.2% during the third quarter. Amova Asset Management Americas Inc. now owns 1,494,047 shares of the company’s stock worth $4,542,000 after buying an additional 46,563 shares in the last quarter. Finally, AXQ Capital LP bought a new position in shares of Absci during the third quarter worth about $173,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

About Absci

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.