KeyCorp Issues Positive Forecast for Absci (NASDAQ:ABSI) Stock Price

Absci (NASDAQ:ABSI) had its price target lifted by research analysts at KeyCorp from $5.00 to $9.00 in a research report issued to clients and investors on Wednesday, MarketBeat reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 191.26% from the company’s previous close.

A number of other analysts have also issued reports on the stock. Guggenheim reissued a “buy” rating and set a $10.00 target price on shares of Absci in a research note on Thursday, March 20th. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price objective on shares of Absci in a research report on Wednesday, April 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Absci in a research report on Wednesday, March 19th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Absci has a consensus rating of “Buy” and an average target price of $8.40.

Absci Stock Up 1.3 %

Shares of NASDAQ:ABSI opened at $3.09 on Wednesday. The firm has a market capitalization of $393.52 million, a PE ratio of -3.32 and a beta of 2.22. The business has a 50 day simple moving average of $3.43 and a two-hundred day simple moving average of $3.48. Absci has a 1 year low of $2.01 and a 1 year high of $6.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Tuesday, March 18th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The business had revenue of $0.67 million for the quarter, compared to analysts’ expectations of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. On average, equities analysts predict that Absci will post -0.89 EPS for the current year.

Institutional Trading of Absci

A number of hedge funds have recently added to or reduced their stakes in ABSI. ARK Investment Management LLC raised its holdings in shares of Absci by 30.4% in the 4th quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock valued at $21,657,000 after purchasing an additional 1,928,314 shares in the last quarter. Geode Capital Management LLC increased its holdings in Absci by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,949,810 shares of the company’s stock valued at $5,110,000 after buying an additional 16,217 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Absci by 28.5% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after buying an additional 253,985 shares during the period. Nikko Asset Management Americas Inc. raised its stake in Absci by 28.5% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company’s stock worth $2,997,000 after buying an additional 253,985 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in Absci by 97.2% during the fourth quarter. Two Sigma Investments LP now owns 899,648 shares of the company’s stock worth $2,357,000 after buying an additional 443,410 shares during the period. 52.05% of the stock is owned by hedge funds and other 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.