Absci (NASDAQ:ABSI) Announces Earnings Results

Absci (NASDAQ:ABSIGet Free Report) released its earnings results on Thursday. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02), Yahoo Finance reports. Absci had a negative return on equity of 42.23% and a negative net margin of 1,933.65%. The firm had revenue of $0.34 million for the quarter, compared to the consensus estimate of $1.75 million.

Absci Trading Down 6.3 %

Shares of ABSI stock opened at $4.95 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.82 and a current ratio of 4.82. Absci has a 1 year low of $1.11 and a 1 year high of $6.40. The stock has a fifty day moving average of $4.55 and a two-hundred day moving average of $2.91. The firm has a market capitalization of $460.04 million, a PE ratio of -4.13 and a beta of 2.35.

Insiders Place Their Bets

In other news, Director Redmile Group, Llc acquired 222,222 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were bought at an average price of $4.50 per share, with a total value of $999,999.00. Following the purchase, the director now owns 8,253,316 shares of the company’s stock, valued at $37,139,922. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.58% of the stock is currently owned by insiders.

Institutional Trading of Absci

A number of hedge funds and other institutional investors have recently modified their holdings of ABSI. Cubist Systematic Strategies LLC acquired a new stake in shares of Absci during the third quarter worth $50,000. Point72 Middle East FZE acquired a new stake in shares of Absci during the second quarter worth $49,000. Barclays PLC raised its position in shares of Absci by 88.7% during the first quarter. Barclays PLC now owns 26,886 shares of the company’s stock worth $46,000 after purchasing an additional 12,635 shares during the period. Principal Financial Group Inc. raised its position in shares of Absci by 36.5% during the fourth quarter. Principal Financial Group Inc. now owns 22,108 shares of the company’s stock worth $46,000 after purchasing an additional 5,906 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of Absci during the second quarter worth $44,000. Institutional investors own 36.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ABSI shares. Scotiabank started coverage on Absci in a research report on Thursday, March 14th. They set a “sector outperform” rating and a $13.00 price objective for the company. Truist Financial restated a “buy” rating and set a $9.00 price objective on shares of Absci in a research report on Wednesday, March 6th. KeyCorp boosted their price objective on Absci from $5.00 to $8.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Absci in a research report on Friday.

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About Absci

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Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.

Further Reading

Earnings History for Absci (NASDAQ:ABSI)

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