HC Wainwright Has Negative Outlook of Absci FY2024 Earnings

Absci Co. (NASDAQ:ABSI - Free Report) - Stock analysts at HC Wainwright cut their FY2024 earnings per share (EPS) estimates for Absci in a research report issued to clients and investors on Wednesday, November 13th. HC Wainwright analyst S. Ramakanth now expects that the company will post earnings per share of ($0.93) for the year, down from their previous forecast of ($0.79). HC Wainwright currently has a "Buy" rating and a $7.00 target price on the stock. The consensus estimate for Absci's current full-year earnings is ($0.80) per share. HC Wainwright also issued estimates for Absci's Q4 2024 earnings at ($0.25) EPS, Q1 2025 earnings at ($0.19) EPS, Q2 2025 earnings at ($0.20) EPS, Q3 2025 earnings at ($0.10) EPS, Q4 2025 earnings at ($0.20) EPS, FY2025 earnings at ($0.69) EPS, FY2026 earnings at ($0.56) EPS, FY2027 earnings at ($0.25) EPS and FY2028 earnings at $0.22 EPS.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.70 million during the quarter, compared to analysts' expectations of $1.77 million. During the same quarter in the prior year, the firm earned ($0.24) EPS.

Separately, Guggenheim started coverage on Absci in a report on Wednesday, October 2nd. They issued a "buy" rating and a $10.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Absci currently has a consensus rating of "Buy" and a consensus target price of $8.67.

Absci Price Performance

ABSI traded down $0.18 during trading on Friday, reaching $2.84. The company's stock had a trading volume of 2,416,707 shares, compared to its average volume of 1,339,146. The firm has a fifty day simple moving average of $3.91 and a two-hundred day simple moving average of $4.06. The company has a quick ratio of 6.49, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The company has a market cap of $326.19 million, a price-to-earnings ratio of -3.05 and a beta of 2.18. Absci has a 1 year low of $1.33 and a 1 year high of $6.72.

Hedge Funds Weigh In On Absci

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABSI. Comerica Bank purchased a new position in shares of Absci during the first quarter worth about $31,000. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Absci during the 3rd quarter worth approximately $53,000. SG Americas Securities LLC purchased a new stake in shares of Absci in the first quarter valued at approximately $63,000. Avantax Advisory Services Inc. purchased a new position in shares of Absci in the 1st quarter valued at about $71,000. Finally, Farther Finance Advisors LLC increased its holdings in Absci by 119.5% in the third quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company's stock valued at $72,000 after buying an additional 10,275 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.