Absci (NASDAQ:ABSI) Trading Down 11.3% - Should You Sell?

Absci Co. (NASDAQ:ABSI - Get Free Report)'s share price dropped 11.3% during mid-day trading on Monday . The stock traded as low as $4.41 and last traded at $4.40. Approximately 1,577,352 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 6,820,631 shares. The stock had previously closed at $4.96.

Wall Street Analysts Forecast Growth

ABSI has been the subject of several research analyst reports. Needham & Company LLC assumed coverage on shares of Absci in a report on Wednesday, January 22nd. They issued a "buy" rating and a $9.00 target price for the company. KeyCorp reduced their price target on shares of Absci from $6.00 to $5.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Guggenheim reiterated a "buy" rating and issued a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. Finally, HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of Absci in a research report on Friday, January 17th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Absci currently has an average rating of "Buy" and a consensus price target of $8.57.

Absci Stock Performance

The company has a market cap of $442.20 million, a PE ratio of -4.14 and a beta of 2.11. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The stock's 50-day simple moving average is $3.82 and its 200 day simple moving average is $3.78.

Hedge Funds Weigh In On Absci

A number of large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Absci by 4.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,800 shares of the company's stock valued at $120,000 after purchasing an additional 1,976 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Absci by 14.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,333 shares of the company's stock valued at $77,000 after purchasing an additional 3,747 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Absci by 1.1% in the 4th quarter. Wellington Management Group LLP now owns 352,805 shares of the company's stock valued at $924,000 after purchasing an additional 3,951 shares in the last quarter. Rhumbline Advisers grew its stake in Absci by 4.2% in the 4th quarter. Rhumbline Advisers now owns 114,152 shares of the company's stock valued at $299,000 after acquiring an additional 4,593 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Absci by 15.1% in the 4th quarter. Invesco Ltd. now owns 43,535 shares of the company's stock valued at $114,000 after acquiring an additional 5,719 shares during the last quarter. Hedge funds and other institutional investors own 52.05% of the company's stock.

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.