Insider Selling: Absci (NASDAQ:ABSI) CEO Sells 26,761 Shares of Stock
by Mitch Edgeman · The Markets DailyAbsci Corporation (NASDAQ:ABSI – Get Free Report) CEO Sean Mcclain sold 26,761 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $2.99, for a total transaction of $80,015.39. Following the completion of the transaction, the chief executive officer owned 8,334,567 shares in the company, valued at approximately $24,920,355.33. This represents a 0.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Absci Stock Performance
Shares of NASDAQ:ABSI traded down $0.18 during trading on Wednesday, reaching $2.91. 4,378,662 shares of the stock traded hands, compared to its average volume of 3,710,096. The stock has a market cap of $437.58 million, a P/E ratio of -3.23 and a beta of 2.11. The stock has a 50-day moving average of $3.35 and a two-hundred day moving average of $3.25. Absci Corporation has a 52-week low of $2.01 and a 52-week high of $6.33.
Absci (NASDAQ:ABSI – Get Free Report) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Absci had a negative net margin of 4,071.19% and a negative return on equity of 60.19%. The business had revenue of $0.38 million during the quarter, compared to the consensus estimate of $1.58 million. Sell-side analysts expect that Absci Corporation will post -0.89 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on ABSI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research report on Wednesday, January 21st. Needham & Company LLC reissued a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Friday, December 12th. HC Wainwright increased their price objective on shares of Absci from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Finally, Morgan Stanley downgraded shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 target price for the company. in a research report on Thursday, January 8th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.66.
Read Our Latest Analysis on Absci
Institutional Trading of Absci
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC raised its position in Absci by 21.1% in the third quarter. ARK Investment Management LLC now owns 12,162,773 shares of the company’s stock worth $36,975,000 after acquiring an additional 2,116,845 shares during the period. Vanguard Group Inc. increased its stake in shares of Absci by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock worth $22,137,000 after purchasing an additional 830,336 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Absci by 24.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock worth $9,701,000 after purchasing an additional 625,451 shares during the period. UBS Group AG lifted its position in Absci by 35.4% during the fourth quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock valued at $9,421,000 after purchasing an additional 706,396 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Absci by 22.5% during the second quarter. Geode Capital Management LLC now owns 2,445,450 shares of the company’s stock valued at $6,286,000 after purchasing an additional 448,984 shares during the period. 52.05% of the stock is owned by hedge funds and other institutional investors.
About Absci
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.