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

Shares of Absci Co. (NASDAQ:ABSI) gapped up before the market opened on Tuesday . The stock had previously closed at $5.82, but opened at $6.27. Absci shares last traded at $6.29, with a volume of 3,597,708 shares trading hands.

Analyst Ratings Changes

ABSI has been the topic of a number of recent research reports. Guggenheim reiterated a “buy” rating and set a $10.00 price target on shares of Absci in a report on Tuesday, December 3rd. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Absci in a report on Friday, January 17th. Needham & Company LLC started coverage on Absci in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 price target for the company. Finally, KeyCorp lowered their price objective on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $8.57.

Absci Stock Performance

The stock has a market capitalization of $665.04 million, a P/E ratio of -6.23 and a beta of 2.11. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $3.65 and a two-hundred day moving average price of $3.73.

Institutional Investors Weigh In On Absci

A number of hedge funds have recently added to or reduced their stakes in ABSI. The Manufacturers Life Insurance Company bought a new position in shares of Absci during the 2nd quarter worth approximately $100,000. Cherry Creek Investment Advisors Inc. bought a new position in Absci during the third quarter worth $149,000. Farther Finance Advisors LLC grew its holdings in Absci by 119.5% in the third quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock worth $72,000 after purchasing an additional 10,275 shares during the period. ARK Investment Management LLC increased its stake in Absci by 15.1% in the third quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock valued at $24,210,000 after purchasing an additional 833,734 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Absci by 21.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,844 shares of the company’s stock valued at $3,399,000 after purchasing an additional 158,086 shares during the period. 52.05% of the stock is currently owned by institutional investors.

About Absci

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.