Absci (NASDAQ:ABSI) Shares Gap Up – Still a Buy?
by Jessica Moore · The Cerbat GemAbsci Corporation (NASDAQ:ABSI – Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $7.41, but opened at $9.51. Absci shares last traded at $8.92, with a volume of 12,858,146 shares traded.
Wall Street Analyst Weigh In
Several analysts recently commented on ABSI shares. BTIG Research assumed coverage on Absci in a research note on Thursday, May 28th. They issued a “buy” rating and a $9.00 price target on the stock. Truist Financial increased their price objective on Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Needham & Company LLC reissued a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Wednesday, March 25th. Leerink Partners assumed coverage on shares of Absci in a research note on Thursday, June 4th. They issued an “outperform” rating and a $12.00 target price on the stock. Finally, Morgan Stanley set a $4.10 target price on shares of Absci in a research note on Thursday, May 14th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $9.44.
Read Our Latest Stock Analysis on ABSI
Absci Stock Up 24.0%
The company has a market cap of $1.43 billion, a price-to-earnings ratio of -10.92 and a beta of 2.44. The company’s fifty day moving average price is $5.52 and its two-hundred day moving average price is $3.92.
Absci (NASDAQ:ABSI – Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. Research analysts forecast that Absci Corporation will post -0.72 earnings per share for the current year.
Hedge Funds Weigh In On Absci
Several institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new position in Absci in the third quarter worth $26,000. Essential Partners LLC grew its holdings in shares of Absci by 113,850.0% during the first quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after purchasing an additional 9,108 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Absci by 91.2% during the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after purchasing an additional 5,385 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after buying an additional 3,678 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in shares of Absci in the first quarter valued at $31,000. Institutional investors own 52.05% of the company’s stock.
Absci Company Profile
Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.
The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.