Absci (NASDAQ:ABSI) Cut to “Sell” at Wall Street Zen

by · The Markets Daily

Wall Street Zen cut shares of Absci (NASDAQ:ABSI – Free Report) from a hold rating to a sell rating in a report published on Sunday morning.

Other equities research analysts have also issued reports about the company. Guggenheim reaffirmed a “buy” rating and issued a $10.00 target price on shares of Absci in a research report on Thursday, March 20th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a report on Wednesday, March 19th. Needham & Company LLC reiterated a “buy” rating and issued a $9.00 price objective on shares of Absci in a research report on Wednesday, May 14th. Finally, KeyCorp boosted their target price on shares of Absci from $5.00 to $9.00 and gave the company an “overweight” rating in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.40.

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Absci Stock Up 0.8%

ABSI opened at $2.59 on Friday. The company’s 50-day moving average price is $2.84 and its 200 day moving average price is $3.20. Absci has a fifty-two week low of $2.01 and a fifty-two week high of $6.33. The firm has a market cap of $330.38 million, a price-to-earnings ratio of -2.82 and a beta of 2.02.

Absci (NASDAQ:ABSI – Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.02. The business had revenue of $1.18 million for the quarter, compared to analysts’ expectations of $1.07 million. Absci had a negative return on equity of 53.69% and a negative net margin of 2,232.13%. Research analysts anticipate that Absci will post -0.89 earnings per share for the current year.

Institutional Investors Weigh In On Absci

A number of hedge funds and other institutional investors have recently modified their holdings of ABSI. ARK Investment Management LLC boosted its position in shares of Absci by 32.5% during the 1st quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock valued at $27,497,000 after purchasing an additional 2,689,153 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Absci in the first quarter worth $5,792,000. Geode Capital Management LLC raised its stake in shares of Absci by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,949,810 shares of the company’s stock worth $5,110,000 after purchasing an additional 16,217 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Absci by 30.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,493,865 shares of the company’s stock valued at $3,750,000 after acquiring an additional 350,036 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. raised its holdings in shares of Absci by 30.6% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,493,865 shares of the company’s stock valued at $3,735,000 after purchasing an additional 350,036 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors.

Absci Company Profile

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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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