Absci (NASDAQ:ABSI) Stock Price Up 6.8% - What's Next?

Absci Co. (NASDAQ:ABSI - Get Free Report) was up 6.8% on Tuesday . The company traded as high as $4.36 and last traded at $4.63. Approximately 454,301 shares traded hands during trading, a decline of 93% from the average daily volume of 6,970,379 shares. The stock had previously closed at $4.33.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ABSI shares. KeyCorp dropped their target price on Absci from $6.00 to $5.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Needham & Company LLC began coverage on shares of Absci in a report on Wednesday, January 22nd. They issued a "buy" rating and a $9.00 price objective for the company. Guggenheim reaffirmed a "buy" rating and set a $10.00 target price on shares of Absci in a report on Tuesday, December 3rd. Finally, HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of Absci in a research report on Friday, January 17th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $8.57.

Absci Trading Up 16.4 %

The firm's 50 day moving average is $3.56 and its 200 day moving average is $3.71. 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 company has a market capitalization of $668.46 million, a PE ratio of -6.26 and a beta of 2.11.

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Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. FMR LLC raised its holdings in Absci by 1.2% in the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company's stock worth $48,620,000 after purchasing an additional 147,156 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Absci by 30.4% during the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company's stock valued at $21,657,000 after buying an additional 1,928,314 shares during the period. Fred Alger Management LLC raised its stake in Absci by 4.3% in the third quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company's stock worth $28,904,000 after buying an additional 309,843 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Absci by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,949,810 shares of the company's stock worth $5,110,000 after buying an additional 16,217 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Absci by 28.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company's stock valued at $2,997,000 after acquiring an additional 253,985 shares in the last quarter. Hedge funds and other institutional investors own 52.05% of the company's stock.

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.