Absci (NASDAQ:ABSI) Shares Down 10.1% – Should You Sell?

Shares of Absci Corporation (NASDAQ:ABSI) dropped 10.1% during trading on Friday. The stock traded as low as $10.80 and last traded at $10.8740. Approximately 1,084,709 shares were traded during mid-day trading, a decline of 75% from the average session volume of 4,302,006 shares. The stock had previously closed at $12.10.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. KeyCorp boosted their target price on shares of Absci from $16.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, October 16th. BTIG Research set a $15.00 target price on Absci and gave the stock a “buy” rating in a research note on Tuesday, September 8th. HC Wainwright reaffirmed a “buy” rating on shares of Absci in a research note on Tuesday, October 20th. Wall Street Zen upgraded shares of Absci from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Absci in a research note on Wednesday, September 23rd. Eleven analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.50.

Absci Stock Down 13.1%

The firm has a market cap of $1.80 billion, a PE ratio of -13.15 and a beta of 2.27. The stock’s fifty day simple moving average is $9.47 and its two-hundred day simple moving average is $6.43.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. The firm had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. On average, equities research analysts anticipate that Absci Corporation will post -0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

Several hedge funds have recently made changes to their positions in ABSI. BlackRock Inc. acquired a new stake in shares of Absci in the 2nd quarter worth $141,112,000. Siren L.L.C. acquired a new position in Absci during the first quarter worth $5,400,000. Parkman Healthcare Partners LLC purchased a new stake in shares of Absci during the second quarter worth approximately $10,366,000. Bank of America Corp DE purchased a new stake in shares of Absci in the second quarter valued at approximately $6,560,000. Finally, Artia Global Partners LP acquired a new stake in shares of Absci during the 2nd quarter worth approximately $5,383,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

About Absci

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company’s technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.