Absci (NASDAQ:ABSI) Rating Lowered to Sell at Wall Street Zen

Absci (NASDAQ:ABSI) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Sunday.

ABSI has been the topic of a number of other reports. BTIG Research increased their price objective on Absci from $9.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Guggenheim upped their target price on Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target (up from $7.00) on shares of Absci in a report on Wednesday, June 24th. HC Wainwright upped their price objective on shares of Absci from $8.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Finally, Truist Financial raised their target price on shares of Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Absci presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.43.

Absci Trading Down 7.6%

Shares of NASDAQ ABSI traded down $0.87 during midday trading on Friday, reaching $10.60. The company had a trading volume of 4,694,024 shares, compared to its average volume of 7,730,975. Absci has a 1 year low of $2.24 and a 1 year high of $12.06. The business’s 50-day simple moving average is $7.41 and its 200 day simple moving average is $4.61. The stock has a market cap of $1.65 billion, a P/E ratio of -12.77 and a beta of 2.32.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. The firm had revenue of $0.21 million for the quarter, compared to analyst estimates of $1.39 million. Analysts predict that Absci will post -0.71 earnings per share for the current year.

Hedge Funds Weigh In On Absci

Several institutional investors have recently made changes to their positions in the company. HB Wealth Management LLC grew its position in shares of Absci by 28.4% in the first quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock valued at $39,000 after purchasing an additional 2,862 shares during the period. Legal & General Group Plc boosted its holdings in Absci by 45.9% in the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after buying an additional 3,678 shares during the last quarter. Deutsche Bank AG increased its stake in Absci by 5.6% during the 4th quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock worth $322,000 after buying an additional 4,892 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Absci by 91.2% during the second 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 last quarter. Finally, Invesco Ltd. lifted its position in shares of Absci by 14.3% in the fourth quarter. Invesco Ltd. now owns 54,550 shares of the company’s stock valued at $190,000 after acquiring an additional 6,826 shares in the last quarter. 52.05% of the stock is owned by hedge funds and other institutional investors.

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.