Absci (NASDAQ:ABSI) Stock Price Up 5.8% – Still a Buy?

Absci Co. (NASDAQ:ABSI)’s stock price rose 5.8% during trading on Wednesday . The stock traded as high as $4.59 and last traded at $4.60. Approximately 848,382 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 7,276,706 shares. The stock had previously closed at $4.35.

Wall Street Analysts Forecast Growth

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

Absci Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63. The business’s fifty day moving average price is $3.33 and its 200-day moving average price is $3.69. The stock has a market capitalization of $542.02 million, a price-to-earnings ratio of -5.08 and a beta of 2.11.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data 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 firm had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $1.77 million. During the same quarter last year, the business posted ($0.24) EPS. On average, research analysts forecast that Absci Co. will post -0.89 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. JPMorgan Chase & Co. increased its stake in shares of Absci by 14.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock worth $189,000 after purchasing an additional 6,409 shares during the last quarter. Barclays PLC boosted its holdings in Absci by 379.6% in the 3rd quarter. Barclays PLC now owns 131,504 shares of the company’s stock worth $503,000 after buying an additional 104,083 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Absci by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 697,849 shares of the company’s stock valued at $2,666,000 after purchasing an additional 11,602 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Absci during the 3rd quarter valued at about $724,000. Finally, Geode Capital Management LLC increased its holdings in Absci by 6.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company’s stock worth $7,388,000 after acquiring an additional 123,896 shares during the period. 52.05% of the stock is currently owned by hedge funds and other 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.