Absci (NASDAQ:ABSI) Stock Rating Upgraded by Wall Street Zen

Absci (NASDAQ:ABSI) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

A number of other analysts also recently weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $9.00 price target on shares of Absci in a research note on Wednesday, May 14th. Guggenheim restated a “buy” rating and issued a $10.00 price target on shares of Absci in a research note on Thursday, March 20th. KeyCorp boosted their target price on Absci from $5.00 to $9.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 16th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Absci in a research report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Absci presently has an average rating of “Moderate Buy” and an average price target of $8.40.

Absci Price Performance

Absci stock opened at $2.79 on Friday. Absci has a 1-year low of $2.01 and a 1-year high of $6.33. The company has a market cap of $355.89 million, a PE ratio of -3.03 and a beta of 2.06. The stock’s 50 day moving average price is $2.90 and its 200 day moving average price is $3.25.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.02. Absci had a negative return on equity of 53.69% and a negative net margin of 2,232.13%. The firm had revenue of $1.18 million for the quarter, compared to the consensus estimate of $1.07 million. On average, equities research analysts anticipate that Absci will post -0.89 EPS for the current fiscal year.

Institutional Trading of Absci

A number of institutional investors have recently bought and sold shares of the company. ARK Investment Management LLC raised its holdings in shares of Absci by 32.5% in the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock worth $27,497,000 after acquiring an additional 2,689,153 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Absci in the first quarter worth $5,792,000. Royce & Associates LP raised its holdings in shares of Absci by 472.1% in the fourth quarter. Royce & Associates LP now owns 882,096 shares of the company’s stock worth $2,311,000 after acquiring an additional 727,905 shares during the last quarter. Nuveen LLC acquired a new position in shares of Absci in the first quarter worth $1,251,000. Finally, Two Sigma Advisers LP raised its holdings in shares of Absci by 191.9% in the fourth quarter. Two Sigma Advisers LP now owns 676,400 shares of the company’s stock worth $1,772,000 after acquiring an additional 444,700 shares during the last quarter. 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.