HC Wainwright Reiterates Buy Rating for Absci (NASDAQ:ABSI)

HC Wainwright reaffirmed their buy rating on shares of Absci (NASDAQ:ABSI) in a report issued on Thursday morning, Benzinga reports. HC Wainwright currently has a $7.00 price objective on the stock.

A number of other brokerages also recently weighed in on ABSI. Morgan Stanley began coverage on Absci in a report on Wednesday, July 3rd. They issued an overweight rating and a $7.00 price target for the company. 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 research note on Thursday, July 11th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $8.40.

Absci Trading Down 3.1 %

NASDAQ ABSI opened at $4.01 on Thursday. The company has a market capitalization of $453.47 million, a price-to-earnings ratio of -3.46 and a beta of 2.21. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.19 and a quick ratio of 7.19. Absci has a 12 month low of $1.11 and a 12 month high of $6.72. The company’s fifty day moving average price is $3.78 and its two-hundred day moving average price is $4.51.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The company had revenue of $1.27 million for the quarter, compared to the consensus estimate of $2.05 million. Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. During the same period in the previous year, the business posted ($0.27) EPS. As a group, research analysts predict that Absci will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Absci

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Absci in the 1st quarter valued at about $2,390,000. Vanguard Group Inc. boosted its holdings in Absci by 33.7% during the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock worth $19,569,000 after buying an additional 869,131 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in Absci in the first quarter worth approximately $1,477,000. Hsbc Holdings PLC increased its holdings in shares of Absci by 153.8% in the fourth quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock valued at $1,769,000 after buying an additional 247,019 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. acquired a new stake in shares of Absci during the 1st quarter valued at $2,386,000. Institutional investors own 52.05% of the company’s stock.

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.