Absci (NASDAQ:ABSI) Trading Up 9.5%

Absci Co. (NASDAQ:ABSI)’s share price was up 9.5% on Tuesday . The company traded as high as $4.49 and last traded at $4.49. Approximately 484,158 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 1,539,433 shares. The stock had previously closed at $4.10.

Analyst Ratings Changes

A number of research analysts have weighed in on ABSI shares. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Wednesday, May 15th. Morgan Stanley initiated coverage on shares of Absci in a report on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 target price for the company. Finally, KeyCorp lowered their target price on shares of Absci from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Thursday, July 11th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $8.40.

Absci Price Performance

The business’s fifty day moving average is $3.92 and its 200-day moving average is $4.49. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.19 and a quick ratio of 7.19. The firm has a market cap of $495.29 million, a PE ratio of -3.78 and a beta of 2.20.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. The company had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $2.50 million. During the same quarter last year, the business posted ($0.26) EPS. On average, research analysts predict that Absci Co. will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the completion of the sale, the insider now owns 11,279,522 shares in the company, valued at $49,629,896.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of Absci stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total value of $13,640,000.00. Following the completion of the transaction, the insider now owns 11,279,522 shares in the company, valued at $49,629,896.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Zachariah Jonasson sold 19,859 shares of Absci stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $4.98, for a total transaction of $98,897.82. Following the completion of the transaction, the chief financial officer now owns 384,751 shares of the company’s stock, valued at approximately $1,916,059.98. The disclosure for this sale can be found here. 9.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Absci

Several large investors have recently modified their holdings of ABSI. Comerica Bank purchased a new position in shares of Absci in the first quarter worth about $31,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Absci in the fourth quarter valued at approximately $42,000. Beacon Pointe Advisors LLC bought a new position in shares of Absci in the fourth quarter valued at approximately $42,000. SG Americas Securities LLC bought a new position in shares of Absci in the first quarter valued at approximately $63,000. Finally, Jump Financial LLC bought a new position in shares of Absci in the fourth quarter valued at approximately $67,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.