Absci (NASDAQ:ABSI) Shares Up 9.3%

Shares of Absci Co. (NASDAQ:ABSI) rose 9.3% during trading on Tuesday . The company traded as high as $4.93 and last traded at $4.93. Approximately 177,219 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,518,357 shares. The stock had previously closed at $4.51.

Wall Street Analysts Forecast Growth

ABSI has been the topic of several research reports. KeyCorp lifted their price target on shares of Absci from $5.00 to $8.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Truist Financial reaffirmed a “buy” rating and set a $9.00 target price on shares of Absci in a research note on Tuesday, March 26th. Scotiabank reiterated an “outperform” rating and issued a $13.00 price target on shares of Absci in a research note on Monday, March 25th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Friday, March 22nd.

Absci Price Performance

The company has a 50 day moving average price of $5.19 and a 200-day moving average price of $3.51. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 0.03. The company has a market cap of $535.75 million, a price-to-earnings ratio of -4.11 and a beta of 2.36.

Absci (NASDAQ:ABSI) last released its quarterly earnings data on Thursday, March 21st. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.02). Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. The firm had revenue of $0.34 million during the quarter, compared to analyst estimates of $1.75 million. As a group, equities research analysts predict that Absci Co. will post -0.76 EPS for the current fiscal year.

Insider Activity

In related news, Director Redmile Group, Llc bought 222,222 shares of Absci stock in a transaction that occurred on Friday, March 1st. The shares were acquired at an average cost of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the acquisition, the director now directly owns 8,253,316 shares of the company’s stock, valued at approximately $37,139,922. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.58% of the stock is currently owned by insiders.

Institutional Trading of Absci

Several institutional investors have recently added to or reduced their stakes in ABSI. Dimension Capital Management LLC bought a new position in shares of Absci during the 3rd quarter worth approximately $28,000. Clarius Group LLC bought a new position in shares of Absci during the 3rd quarter worth approximately $40,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Absci during the 4th quarter worth approximately $42,000. Beacon Pointe Advisors LLC bought a new position in shares of Absci during the 4th quarter worth approximately $42,000. Finally, Jump Financial LLC bought a new position in shares of Absci during the 4th quarter worth approximately $67,000. 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.