Absci (NASDAQ:ABSI) Shares Gap Up – Here’s Why

Absci Corporation (NASDAQ:ABSI)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $7.41, but opened at $9.51. Absci shares last traded at $8.92, with a volume of 12,858,146 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on ABSI shares. Weiss Ratings restated a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. Leerink Partners started coverage on shares of Absci in a report on Thursday, June 4th. They set an “outperform” rating and a $12.00 price objective on the stock. Guggenheim upped their price objective on shares of Absci from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Truist Financial increased their target price on shares of Absci from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Finally, BTIG Research initiated coverage on Absci in a research report on Thursday, May 28th. They set a “buy” rating and a $9.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.44.

Absci Stock Up 24.0%

The business has a 50-day moving average price of $5.52 and a 200-day moving average price of $3.92. The firm has a market capitalization of $1.43 billion, a P/E ratio of -10.92 and a beta of 2.44.

Absci (NASDAQ:ABSI) last issued its earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping 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 $0.21 million during the quarter, compared to analysts’ expectations of $1.39 million. As a group, sell-side analysts forecast that Absci Corporation will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Absci

A number of hedge funds and other institutional investors have recently made changes to their positions in ABSI. ARK Investment Management LLC increased its stake in Absci by 21.1% in the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock valued at $36,975,000 after acquiring an additional 2,116,845 shares during the period. Heights Capital Management Inc. bought a new position in Absci during the third quarter worth about $6,081,000. UBS Group AG boosted its holdings in Absci by 35.4% during the fourth quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock valued at $9,421,000 after purchasing an additional 706,396 shares in the last quarter. Baker BROS. Advisors LP acquired a new stake in Absci during the fourth quarter valued at approximately $7,450,000. Finally, Platinum Investment Management Ltd. bought a new stake in shares of Absci in the 4th quarter valued at approximately $830,000. 52.05% of the stock is owned by 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.