Absci Co. (NASDAQ:ABSI) Receives $8.57 Consensus Target Price from Brokerages

Shares of Absci Co. (NASDAQ:ABSI - Get Free Report) have earned an average recommendation of "Buy" from the seven research firms that are covering the stock, MarketBeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $8.57.

A number of research firms have recently commented on ABSI. HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of Absci in a report on Friday, January 17th. KeyCorp cut their target price on Absci from $6.00 to $5.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Needham & Company LLC assumed coverage on Absci in a research note on Wednesday, January 22nd. They issued a "buy" rating and a $9.00 price target for the company. Finally, Guggenheim reaffirmed a "buy" rating and set a $10.00 price objective on shares of Absci in a research report on Tuesday, December 3rd.

Absci Stock Up 17.6 %

ABSI stock traded up $0.65 on Tuesday, reaching $4.35. 12,382,927 shares of the company traded hands, compared to its average volume of 7,591,618. 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 firm has a fifty day simple moving average of $3.23 and a 200-day simple moving average of $3.67. Absci has a one year low of $2.45 and a one year high of $6.72. The company has a market cap of $499.64 million, a P/E ratio of -4.68 and a beta of 2.11.

Absci (NASDAQ:ABSI - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The company had revenue of $1.70 million during the quarter, compared to analysts' expectations of $1.77 million. During the same period in the prior year, the firm earned ($0.24) EPS. Research analysts anticipate that Absci will post -0.89 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ABSI. ARK Investment Management LLC lifted its stake in shares of Absci by 30.4% in the 4th quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company's stock worth $21,657,000 after purchasing an additional 1,928,314 shares during the period. Fred Alger Management LLC increased its holdings in Absci by 4.3% during the third quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company's stock valued at $28,904,000 after buying an additional 309,843 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Absci by 28.5% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company's stock worth $2,997,000 after acquiring an additional 253,985 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Absci during the 3rd quarter worth $724,000. Finally, Bank of Montreal Can bought a new stake in shares of Absci during the 2nd quarter valued at $527,000. 52.05% of the stock is 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.