Absci (NASDAQ:ABSI) Stock Price Up 5.8% – Time to Buy?

Absci Co. (NASDAQ:ABSI)’s share price rose 5.8% during trading on Wednesday . The stock traded as high as $4.59 and last traded at $4.60. Approximately 848,382 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 7,276,706 shares. The stock had previously closed at $4.35.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ABSI. Guggenheim reissued a “buy” rating and issued a $10.00 price objective on shares of Absci in a report on Tuesday, December 3rd. Needham & Company LLC began coverage on Absci in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 price objective on the stock. KeyCorp cut their target price on Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a report on Friday, January 17th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.57.

Absci Stock Up 5.6 %

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 has a market capitalization of $527.78 million, a P/E ratio of -4.95 and a beta of 2.11. The firm has a fifty day simple moving average of $3.26 and a 200-day simple moving average of $3.68.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) EPS 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 company had revenue of $1.70 million for the quarter, compared to analyst estimates of $1.77 million. During the same period last year, the company posted ($0.24) earnings per share. On average, equities research analysts expect that Absci Co. will post -0.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

Several hedge funds and other institutional investors have recently modified their holdings of ABSI. PCA Investment Advisory Services Inc. bought a new stake in Absci in the 4th quarter valued at about $26,000. Alpha Cubed Investments LLC purchased a new stake in shares of Absci during the fourth quarter worth $26,000. Ballentine Partners LLC purchased a new stake in shares of Absci during the fourth quarter worth $27,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Absci in the third quarter worth $53,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Absci by 119.5% in the third quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock worth $72,000 after purchasing an additional 10,275 shares during the period. 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.