KeyCorp Cuts Absci (NASDAQ:ABSI) Price Target to $5.00

Absci (NASDAQ:ABSI) had its price objective dropped by analysts at KeyCorp from $6.00 to $5.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price target points to a potential upside of 54.32% from the stock’s current price.

A number of other analysts have also issued reports on the stock. Guggenheim reiterated a “buy” rating and set a $10.00 price target on shares of Absci in a research note on Tuesday, December 3rd. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Absci in a report on Wednesday. Six analysts have rated the stock with a buy rating, According to MarketBeat, Absci has a consensus rating of “Buy” and a consensus price target of $8.50.

Absci Trading Up 5.5 %

Shares of NASDAQ:ABSI traded up $0.17 during midday trading on Wednesday, reaching $3.24. 57,672,000 shares of the company’s stock were exchanged, compared to its average volume of 13,571,746. The firm’s 50 day simple moving average is $3.24 and its two-hundred day simple moving average is $3.69. The stock has a market cap of $372.13 million, a price-to-earnings ratio of -3.48 and a beta of 2.04. Absci has a fifty-two week low of $2.45 and a fifty-two week high of $6.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.70 million for the quarter, compared to analyst estimates of $1.77 million. During the same quarter last year, the company earned ($0.24) earnings per share. As a group, sell-side analysts forecast that Absci will post -0.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Absci

Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP increased its position in 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 buying an additional 347,079 shares during the period. Barclays PLC raised its holdings in shares of Absci by 379.6% in the third quarter. Barclays PLC now owns 131,504 shares of the company’s stock valued at $503,000 after buying an additional 104,083 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of Absci during the second quarter worth about $527,000. Squarepoint Ops LLC grew its holdings in shares of Absci by 72.4% during the second quarter. Squarepoint Ops LLC now owns 369,187 shares of the company’s stock worth $1,137,000 after buying an additional 155,007 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Absci in the 3rd quarter valued at about $724,000. Institutional investors and hedge funds 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.