Absci (NASDAQ:ABSI) Insider Andreas Busch Buys 100,000 Shares

Absci Corporation (NASDAQ:ABSI) insider Andreas Busch purchased 100,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were acquired at an average cost of $2.29 per share, for a total transaction of $229,000.00. Following the completion of the acquisition, the insider directly owned 421,446 shares of the company’s stock, valued at approximately $965,111.34. This trade represents a 31.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Absci Stock Up 4.6%

Shares of NASDAQ ABSI opened at $2.50 on Tuesday. The stock has a market cap of $375.93 million, a P/E ratio of -2.78 and a beta of 2.12. The firm’s 50-day simple moving average is $2.85 and its 200 day simple moving average is $3.19. Absci Corporation has a fifty-two week low of $2.01 and a fifty-two week high of $5.23.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ABSI shares. Needham & Company LLC restated a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Friday, December 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research note on Wednesday, January 21st. HC Wainwright boosted their target price on Absci from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. Finally, Morgan Stanley lowered Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 price target for the company. in a research note on Thursday, January 8th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Absci currently has a consensus rating of “Moderate Buy” and an average target price of $7.66.

Hedge Funds Weigh In On Absci

Several hedge funds have recently made changes to their positions in ABSI. ARK Investment Management LLC raised its holdings in shares of Absci by 3.2% in the 4th quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock worth $43,802,000 after purchasing an additional 388,026 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Absci by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock worth $22,137,000 after acquiring an additional 830,336 shares in the last quarter. State Street Corp boosted its stake in shares of Absci by 190.1% during the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after acquiring an additional 3,925,926 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Absci by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock worth $11,309,000 after acquiring an additional 186,708 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Absci by 24.4% during the third quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock worth $9,701,000 after purchasing an additional 625,451 shares during the period. 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.