Absci (NASDAQ:ABSI) Trading Up 9.3%

Absci Co. (NASDAQ:ABSI)’s stock price was up 9.3% during trading on Tuesday . The stock traded as high as $4.93 and last traded at $4.93. Approximately 177,219 shares changed hands during trading, a decline of 88% from the average daily volume of 1,518,357 shares. The stock had previously closed at $4.51.

Analyst Upgrades and Downgrades

ABSI has been the subject of a number of recent analyst reports. Scotiabank reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of Absci in a research report on Monday, March 25th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a research report on Friday, March 22nd. Truist Financial reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Absci in a research report on Tuesday, March 26th. Finally, KeyCorp upped their price objective on shares of Absci from $5.00 to $8.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th.

Absci Stock Down 3.8 %

The stock’s 50-day moving average price is $5.20 and its two-hundred day moving average price is $3.54. The stock has a market capitalization of $510.94 million, a P/E ratio of -3.77 and a beta of 2.36. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.03.

Absci (NASDAQ:ABSI) last released its earnings results on Thursday, March 21st. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. The company had revenue of $0.34 million for the quarter, compared to the consensus estimate of $1.75 million. As a group, research analysts expect that Absci Co. will post -0.76 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Redmile Group, Llc bought 222,222 shares of Absci stock in a transaction dated Friday, March 1st. The stock was purchased at an average cost of $4.50 per share, with a total value of $999,999.00. Following the transaction, the director now directly owns 8,253,316 shares of the company’s stock, valued at $37,139,922. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 11.58% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ABSI. Dimension Capital Management LLC purchased a new stake in shares of Absci during the 3rd quarter valued at approximately $28,000. Clarius Group LLC bought a new position in Absci in the 3rd quarter worth approximately $40,000. Nations Financial Group Inc. IA ADV bought a new position in Absci in the 4th quarter worth approximately $42,000. Beacon Pointe Advisors LLC bought a new position in Absci in the 4th quarter worth approximately $42,000. Finally, Jump Financial LLC bought a new position in Absci in the 4th quarter worth approximately $67,000. 52.05% of the stock is owned by institutional investors.

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.