Absci (NASDAQ:ABSI) Price Target Lowered to $5.00 at KeyCorp

Absci (NASDAQ:ABSI - Get Free Report) had its price objective decreased by KeyCorp from $6.00 to $5.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. KeyCorp's price target indicates a potential upside of 55.28% from the stock's previous close.

Several other brokerages have also recently commented on ABSI. Guggenheim reiterated a "buy" rating and set a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. HC Wainwright reaffirmed a "buy" rating and set a $7.00 target price on shares of Absci in a report on Wednesday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $8.50.

Absci Price Performance

NASDAQ:ABSI traded up $0.15 during trading hours on Wednesday, reaching $3.22. 59,047,215 shares of the company were exchanged, compared to its average volume of 13,902,593. The stock's 50-day moving average is $3.23 and its 200-day moving average is $3.68. Absci has a twelve month low of $2.45 and a twelve month high of $6.72. The firm has a market cap of $369.84 million, a PE ratio of -3.46 and a beta of 2.04. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.77 million. During the same period in the prior year, the business posted ($0.24) earnings per share. On average, sell-side analysts anticipate that Absci will post -0.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Absci

Several hedge funds and other institutional investors have recently bought and sold shares of ABSI. FMR LLC grew its stake in shares of Absci by 1.2% in the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company's stock valued at $48,620,000 after buying an additional 147,156 shares during the period. Fred Alger Management LLC grew its holdings in shares of Absci by 4.3% during the 3rd quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company's stock worth $28,904,000 after purchasing an additional 309,843 shares during the period. ARK Investment Management LLC increased its position in shares of Absci by 15.1% during the 3rd quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company's stock worth $24,210,000 after purchasing an additional 833,734 shares during the last quarter. Geode Capital Management LLC raised its holdings in Absci by 6.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company's stock valued at $7,388,000 after buying an additional 123,896 shares during the period. Finally, Marshall Wace LLP lifted its position in Absci by 23.3% in the second quarter. Marshall Wace LLP now owns 1,833,902 shares of the company's stock valued at $5,648,000 after buying an additional 347,079 shares during the last quarter. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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.