Absci (NASDAQ:ABSI) Shares Gap Up – Here’s What Happened

by · The Markets Daily

Absci Corporation (NASDAQ:ABSI – Get Free Report)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $3.52, but opened at $3.73. Absci shares last traded at $3.6990, with a volume of 1,914,469 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ABSI shares. JPMorgan Chase & Co. began coverage on shares of Absci in a report on Thursday, October 2nd. They issued an “overweight” rating on the stock. Morgan Stanley dropped their price objective on Absci from $6.40 to $5.89 and set an “overweight” rating on the stock in a research note on Monday, August 18th. Wall Street Zen downgraded Absci from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a report on Wednesday, October 8th. Finally, Needham & Company LLC cut their price target on Absci from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Absci has an average rating of “Moderate Buy” and an average price target of $7.78.

Get Our Latest Analysis on ABSI

Absci Stock Up 8.1%

The stock’s 50-day moving average price is $3.66 and its 200 day moving average price is $3.08. The firm has a market cap of $572.16 million, a price-to-earnings ratio of -4.25 and a beta of 2.13.

Absci (NASDAQ:ABSI – Get Free Report) last released its earnings results on Wednesday, November 12th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Absci had a negative return on equity of 60.19% and a negative net margin of 4,071.19%.The firm had revenue of $0.38 million for the quarter, compared to analyst estimates of $1.58 million. On average, research analysts predict that Absci Corporation will post -0.89 EPS for the current year.

Insider Activity at Absci

In other news, Director Menelas N. Pangalos bought 95,785 shares of Absci stock in a transaction that occurred on Monday, September 22nd. The stock was purchased at an average cost of $2.66 per share, with a total value of $254,788.10. Following the completion of the transaction, the director directly owned 113,960 shares in the company, valued at $303,133.60. This trade represents a 527.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Todd Bedrick purchased 10,000 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were acquired at an average price of $2.70 per share, for a total transaction of $27,000.00. Following the purchase, the chief accounting officer directly owned 180,428 shares of the company’s stock, valued at approximately $487,155.60. This represents a 5.87% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 10.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Absci

Hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Bancorp USA Inc. acquired a new stake in shares of Absci during the 3rd quarter valued at about $43,000. Heights Capital Management Inc. bought a new position in Absci during the third quarter worth about $6,081,000. Scientech Research LLC bought a new position in Absci during the third quarter worth about $31,000. Quarry LP acquired a new stake in Absci during the third quarter valued at approximately $26,000. Finally, Millennium Management LLC grew its stake in shares of Absci by 121.3% in the 3rd quarter. Millennium Management LLC now owns 508,920 shares of the company’s stock valued at $1,547,000 after purchasing an additional 278,961 shares during the period. 52.05% of the stock is owned by institutional investors.

About Absci

(Get Free Report)

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.

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