Absci (NASDAQ:ABSI) Shares Gap Up – Time to Buy?

Absci Co. (NASDAQ:ABSI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $4.02, but opened at $4.29. Absci shares last traded at $4.39, with a volume of 2,415,478 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ABSI. Guggenheim reaffirmed a “buy” rating and issued a $10.00 price target on shares of Absci in a research note on Tuesday, December 3rd. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Wednesday, November 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $8.67.

Absci Stock Up 9.0 %

The firm has a fifty day moving average price of $3.60 and a 200 day moving average price of $3.82. The company has a market cap of $503.07 million, a P/E ratio of -4.72 and a beta of 2.03. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The company had revenue of $1.70 million for the quarter, compared to the consensus estimate of $1.77 million. During the same period last year, the company earned ($0.24) earnings per share. Equities research analysts forecast that Absci Co. will post -0.9 earnings per share for the current year.

Institutional Trading of Absci

Several hedge funds have recently modified their holdings of ABSI. Comerica Bank bought a new stake in shares of Absci during the first quarter valued at approximately $31,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Absci in the third quarter valued at approximately $53,000. Farther Finance Advisors LLC boosted its stake in Absci by 119.5% in the third quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after acquiring an additional 10,275 shares during the last quarter. Intech Investment Management LLC bought a new position in Absci in the third quarter valued at approximately $86,000. Finally, The Manufacturers Life Insurance Company bought a new position in Absci in the second quarter valued at approximately $100,000. 52.05% of the stock is owned by institutional investors.

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.