Brokerages Set Absci Corporation (NASDAQ:ABSI) Target Price at $8.40

Shares of Absci Corporation (NASDAQ:ABSI) have earned an average recommendation of “Buy” from the five research firms that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $8.40.

ABSI has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Wednesday, March 19th. KeyCorp boosted their price target on Absci from $5.00 to $9.00 and gave the company an “overweight” rating in a research note on Wednesday, April 16th. Guggenheim restated a “buy” rating and issued a $10.00 price target on shares of Absci in a research note on Thursday, March 20th. Needham & Company LLC restated a “buy” rating and issued a $9.00 price target on shares of Absci in a research note on Wednesday, May 14th. Finally, Wall Street Zen downgraded Absci from a “hold” rating to a “sell” rating in a research report on Friday, May 30th.

Institutional Trading of Absci

Several large investors have recently made changes to their positions in the company. ARK Investment Management LLC lifted its position in 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 acquiring an additional 1,928,314 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its position in Absci by 28.5% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after acquiring an additional 253,985 shares in the last quarter. Two Sigma Investments LP lifted its position in Absci by 97.2% in the 4th quarter. Two Sigma Investments LP now owns 899,648 shares of the company’s stock valued at $2,357,000 after acquiring an additional 443,410 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Absci during the 4th quarter worth approximately $508,000. Finally, Platinum Investment Management Ltd. lifted its position in shares of Absci by 20.5% during the 4th quarter. Platinum Investment Management Ltd. now owns 551,188 shares of the company’s stock worth $1,444,000 after buying an additional 93,785 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Trading Up 1.5%

ABSI stock opened at $2.75 on Monday. The business’s 50-day moving average price is $2.89 and its two-hundred day moving average price is $3.25. The firm has a market cap of $350.79 million, a PE ratio of -2.99 and a beta of 2.06. Absci has a 1-year low of $2.01 and a 1-year high of $6.33.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.02. The business had revenue of $1.18 million for the quarter, compared to the consensus estimate of $1.07 million. Absci had a negative return on equity of 53.69% and a negative net margin of 2,232.13%. On average, analysts forecast that Absci will post -0.89 earnings per share for the current year.

Absci Company Profile

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.