Absci (NASDAQ:ABSI) PT Lowered to $6.00

Absci (NASDAQ:ABSI) had its price target dropped by equities researchers at KeyCorp from $8.00 to $6.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s target price would suggest a potential upside of 48.88% from the stock’s current price.

A number of other research analysts have also recently weighed in on ABSI. Truist Financial reaffirmed a “buy” rating and set a $9.00 price objective on shares of Absci in a research report on Tuesday, March 26th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a research report on Wednesday, May 15th. Morgan Stanley initiated coverage on shares of Absci in a research note on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 price objective for the company. Finally, Scotiabank restated an “outperform” rating and set a $13.00 target price on shares of Absci in a research note on Monday, March 25th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Absci has an average rating of “Buy” and a consensus price target of $8.40.

Absci Price Performance

Shares of ABSI stock opened at $4.03 on Thursday. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 0.02. Absci has a 12 month low of $1.11 and a 12 month high of $6.72. The stock has a market cap of $455.73 million, a P/E ratio of -3.47 and a beta of 2.20. The company has a 50 day simple moving average of $4.06 and a two-hundred day simple moving average of $4.48.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The company had revenue of $0.90 million during the quarter, compared to analysts’ expectations of $2.50 million. Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. During the same quarter last year, the company earned ($0.26) earnings per share. On average, research analysts expect that Absci will post -0.8 earnings per share for the current year.

Insider Transactions at Absci

In related news, CFO Zachariah Jonasson sold 19,859 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $4.98, for a total transaction of $98,897.82. Following the completion of the transaction, the chief financial officer now directly owns 384,751 shares of the company’s stock, valued at $1,916,059.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the sale, the insider now directly owns 11,279,522 shares of the company’s stock, valued at approximately $49,629,896.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Zachariah Jonasson sold 19,859 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $4.98, for a total transaction of $98,897.82. Following the completion of the transaction, the chief financial officer now directly owns 384,751 shares of the company’s stock, valued at $1,916,059.98. The disclosure for this sale can be found here. Insiders own 9.81% of the company’s stock.

Institutional Investors Weigh In On Absci

A number of hedge funds have recently bought and sold shares of the business. Capstone Investment Advisors LLC bought a new stake in shares of Absci in the 1st quarter worth about $1,477,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Absci in the first quarter worth about $2,390,000. Hsbc Holdings PLC increased its stake in Absci by 153.8% during the fourth quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock worth $1,769,000 after acquiring an additional 247,019 shares during the last quarter. Nikko Asset Management Americas Inc. purchased a new stake in Absci during the first quarter valued at approximately $2,386,000. Finally, Beacon Pointe Advisors LLC bought a new stake in shares of Absci in the 4th quarter valued at approximately $42,000. 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.