Absci (NASDAQ:ABSI) Earns "Buy" Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Absci (NASDAQ:ABSI - Free Report) in a research report released on Wednesday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Separately, Guggenheim reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Absci in a report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Absci presently has an average rating of "Buy" and an average price target of $8.50.

Absci Stock Performance

Shares of NASDAQ ABSI traded up $0.15 during mid-day trading 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 has a market capitalization of $369.84 million, a P/E ratio of -3.46 and a beta of 2.04. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The company's 50-day simple moving average is $3.23 and its 200-day simple moving average is $3.68. Absci has a twelve month low of $2.45 and a twelve month high of $6.72.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.77 million. During the same quarter last year, the business earned ($0.24) earnings per share. As a group, research analysts predict that Absci will post -0.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. FMR LLC boosted 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 purchasing an additional 147,156 shares in the last quarter. Fred Alger Management LLC increased its holdings in Absci by 4.3% in 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 in the last quarter. ARK Investment Management LLC raised its position in Absci by 15.1% in the third quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company's stock valued at $24,210,000 after purchasing an additional 833,734 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Absci by 6.8% during the third quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company's stock valued at $7,388,000 after purchasing an additional 123,896 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Absci by 23.3% during the second quarter. Marshall Wace LLP now owns 1,833,902 shares of the company's stock worth $5,648,000 after purchasing an additional 347,079 shares during the last quarter. 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.