Absci’s (ABSI) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Absci (NASDAQ:ABSI) in a research report report published on Thursday, Benzinga reports. HC Wainwright currently has a $7.00 price target on the stock.

ABSI has been the subject of a number of other reports. Morgan Stanley assumed coverage on Absci in a research note on Wednesday, July 3rd. They issued an overweight rating and a $7.00 price objective for the company. KeyCorp dropped their price objective on shares of Absci from $8.00 to $6.00 and set an overweight rating on the stock in a research report on Thursday, July 11th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of Buy and an average target price of $8.40.

Absci Stock Performance

ABSI traded down $0.10 during midday trading on Thursday, hitting $4.04. 854,673 shares of the company were exchanged, compared to its average volume of 1,477,214. Absci has a 1-year low of $1.11 and a 1-year high of $6.72. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $456.86 million, a price-to-earnings ratio of -3.57 and a beta of 2.21. The company’s 50 day simple moving average is $3.79 and its 200 day simple moving average is $4.51.

Absci (NASDAQ:ABSI) last released its earnings results on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. The business had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $2.05 million. During the same period in the previous year, the company earned ($0.27) EPS. As a group, sell-side analysts predict that Absci will post -0.8 earnings per share for the current year.

Insider Transactions at Absci

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Absci during the first quarter valued at approximately $2,390,000. Vanguard Group Inc. lifted its position in shares of Absci by 33.7% during the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock worth $19,569,000 after purchasing an additional 869,131 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Absci during the first quarter worth $1,477,000. Hsbc Holdings PLC lifted its position in shares of 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 purchasing an additional 247,019 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. acquired a new position in shares of Absci during the first quarter worth $2,386,000. 52.05% of the stock is owned by institutional investors and hedge funds.

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.