Absci (NASDAQ:ABSI) Lowered to “Sell” at Zacks Investment Research

Absci (NASDAQ:ABSIGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday, Zacks.com reports.

According to Zacks, “Absci Corporation is the AI-powered synthetic biology company unlocking the potential of proteins as the next generation of therapeutics. The company’s Creation(TM) Platform involved in discovery of novel biotherapeutic drug candidates and generation of the cell lines to manufacture them in a single efficient process. Absci Corporation is based in VANCOUVER, Wash. “

Several other research firms have also commented on ABSI. Cowen started coverage on shares of Absci in a research note on Wednesday, March 2nd. They issued a “hold” rating on the stock. Credit Suisse Group reduced their target price on shares of Absci from $29.00 to $28.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 23rd. Finally, Stifel Nicolaus reduced their target price on shares of Absci from $28.00 to $10.00 in a research note on Tuesday, May 31st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $19.50.

ABSI stock traded down $0.29 during midday trading on Monday, hitting $3.35. The company had a trading volume of 32,257 shares, compared to its average volume of 1,082,241. The company has a current ratio of 6.11, a quick ratio of 6.11 and a debt-to-equity ratio of 0.01. The stock has a market cap of $311.05 million and a price-to-earnings ratio of -1.01. The stock’s 50 day moving average price is $5.80 and its 200 day moving average price is $7.57. Absci has a 52 week low of $3.32 and a 52 week high of $31.53.

Absci (NASDAQ:ABSIGet Rating) last posted its quarterly earnings data on Wednesday, May 11th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.04). Absci had a negative return on equity of 36.19% and a negative net margin of 2,633.14%. The firm had revenue of $0.82 million during the quarter, compared to the consensus estimate of $1.64 million. Analysts predict that Absci will post -1.24 earnings per share for the current year.

Large investors have recently bought and sold shares of the company. Morgan Stanley acquired a new stake in shares of Absci in the third quarter valued at about $34,000. Point72 Hong Kong Ltd acquired a new stake in shares of Absci in the third quarter valued at about $37,000. UBS Group AG acquired a new stake in shares of Absci in the third quarter valued at about $39,000. Metropolitan Life Insurance Co NY acquired a new position in Absci during the first quarter worth about $33,000. Finally, Ameritas Investment Partners Inc. boosted its position in Absci by 305.3% during the first quarter. Ameritas Investment Partners Inc. now owns 4,312 shares of the company’s stock worth $36,000 after acquiring an additional 3,248 shares during the last quarter. 40.01% of the stock is owned by hedge funds and other institutional investors.

Absci Company Profile (Get Rating)

Absci Corporation, a drug and target discovery company, provides biologic drug candidates and production cell lines using integrated drug creation platform for partners in the United States. Its integrated drug creation platform enables the creation of biologics by unifying the drug discovery and cell line development processes into one process.

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