Absci (NASDAQ:ABSI) Reaches New 1-Year High – Should You Buy?

Absci Corporation (NASDAQ:ABSI) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $8.57 and last traded at $8.40, with a volume of 8351718 shares changing hands. The stock had previously closed at $7.41.

Wall Street Analyst Weigh In

Several research firms have commented on ABSI. Truist Financial increased their target price on Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Leerink Partners began coverage on Absci in a research note on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective for the company. BTIG Research began coverage on shares of Absci in a report on Thursday, May 28th. They issued a “buy” rating and a $9.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Absci in a report on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.44.

Absci Stock Performance

The company has a fifty day simple moving average of $5.43 and a 200 day simple moving average of $3.89. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -10.12 and a beta of 2.44.

Absci (NASDAQ:ABSI) last issued its quarterly 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 company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $1.39 million. As a group, equities analysts predict that Absci Corporation will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of Absci in the 3rd quarter valued at $26,000. Essential Partners LLC raised its stake in Absci by 113,850.0% during the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after buying an additional 9,108 shares during the last quarter. Scientech Research LLC bought a new position in Absci during the third quarter worth $31,000. Principal Financial Group Inc. acquired a new position in Absci in the first quarter valued at $31,000. Finally, Xponance LLC acquired a new position in Absci in the fourth quarter valued at $37,000. Institutional investors own 52.05% of the company’s stock.

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.