Absci (NASDAQ:ABSI) Earns “Buy” Rating from Truist Financial

Truist Financial reaffirmed their buy rating on shares of Absci (NASDAQ:ABSIFree Report) in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. They currently have a $9.00 target price on the stock.

ABSI has been the topic of several other reports. KeyCorp upped their target price on Absci from $5.00 to $8.00 and gave the company an overweight rating in a report on Monday, March 4th. HC Wainwright boosted their price target on shares of Absci from $4.00 to $7.00 and gave the stock a buy rating in a research report on Monday, January 8th.

Get Our Latest Stock Analysis on ABSI

Absci Stock Performance

NASDAQ ABSI opened at $5.02 on Wednesday. The company has a market capitalization of $466.56 million, a price-to-earnings ratio of -4.33 and a beta of 2.35. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 0.03. Absci has a twelve month low of $1.11 and a twelve month high of $6.40. The stock has a fifty day simple moving average of $4.36 and a 200 day simple moving average of $2.68.

Insider Activity

In related news, Director Redmile Group, Llc acquired 222,222 shares of the stock in a transaction dated Friday, March 1st. The stock was bought at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the purchase, the director now directly owns 8,253,316 shares of the company’s stock, valued at approximately $37,139,922. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.58% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. raised its holdings in shares of Absci by 305.3% during the first quarter. Ameritas Investment Partners Inc. now owns 4,312 shares of the company’s stock valued at $36,000 after purchasing an additional 3,248 shares during the period. Metropolitan Life Insurance Co NY acquired a new position in Absci during the 1st quarter worth approximately $33,000. Royal Bank of Canada boosted its holdings in Absci by 91.4% in the first quarter. Royal Bank of Canada now owns 8,916 shares of the company’s stock worth $75,000 after acquiring an additional 4,258 shares in the last quarter. Principal Financial Group Inc. grew its stake in Absci by 36.5% in the fourth quarter. Principal Financial Group Inc. now owns 22,108 shares of the company’s stock valued at $46,000 after acquiring an additional 5,906 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Absci by 8.6% during the second quarter. Goldman Sachs Group Inc. now owns 93,203 shares of the company’s stock valued at $142,000 after acquiring an additional 7,376 shares in the last quarter. 36.30% of the stock is owned by institutional investors.

Absci Company Profile

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Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.

Further Reading

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