Absci (NASDAQ:ABSI) Given New $8.00 Price Target at Needham & Company LLC

Absci (NASDAQ:ABSI) had its target price lowered by equities research analysts at Needham & Company LLC from $9.00 to $8.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 166.67% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Absci from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Morgan Stanley decreased their target price on shares of Absci from $7.00 to $6.40 and set an “overweight” rating for the company in a report on Monday, July 28th. Finally, KeyCorp raised their target price on shares of Absci from $5.00 to $9.00 and gave the stock an “overweight” rating in a report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $8.08.

Absci Trading Down 3.8%

NASDAQ:ABSI opened at $3.00 on Wednesday. Absci has a twelve month low of $2.01 and a twelve month high of $6.33. The company has a 50-day moving average of $2.88 and a 200-day moving average of $3.16. The firm has a market cap of $448.56 million, a price-to-earnings ratio of -3.19 and a beta of 2.02.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. The business had revenue of $0.59 million for the quarter, compared to the consensus estimate of $1.39 million. On average, research analysts forecast that Absci will post -0.89 earnings per share for the current year.

Insider Activity at Absci

In other news, insider Andreas Busch bought 50,000 shares of the firm’s stock in a transaction on Monday, July 28th. The stock was bought at an average cost of $3.04 per share, for a total transaction of $152,000.00. Following the completion of the acquisition, the insider directly owned 327,264 shares in the company, valued at $994,882.56. This represents a 18.03% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 10.49% of the stock is currently owned by insiders.

Institutional Trading of Absci

A number of hedge funds have recently made changes to their positions in the stock. ARK Investment Management LLC lifted its position in shares of Absci by 32.5% in the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock worth $27,497,000 after purchasing an additional 2,689,153 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Absci by 22.5% in the second quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock worth $6,286,000 after purchasing an additional 448,984 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Absci in the first quarter worth approximately $5,792,000. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Absci by 30.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,493,865 shares of the company’s stock worth $3,750,000 after purchasing an additional 350,036 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its position in shares of Absci by 30.6% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,493,865 shares of the company’s stock worth $3,735,000 after purchasing an additional 350,036 shares in the last quarter. 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.