Absci (NASDAQ:ABSI) Coverage Initiated at Morgan Stanley

Morgan Stanley started coverage on shares of Absci (NASDAQ:ABSI – Free Report) in a report released on Wednesday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $7.00 price objective on the stock.

Several other research analysts also recently issued reports on the company. HC Wainwright reaffirmed a buy rating and issued a $7.00 price objective on shares of Absci in a research note on Wednesday, May 15th. Scotiabank reissued an outperform rating and set a $13.00 target price on shares of Absci in a research report on Monday, March 25th. Finally, Truist Financial restated a buy rating and set a $9.00 price target on shares of Absci in a report on Tuesday, March 26th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Absci currently has an average rating of Buy and an average target price of $8.80.

Check Out Our Latest Analysis on ABSI

Absci Price Performance

ABSI traded up $0.21 on Wednesday, hitting $3.18. 1,322,056 shares of the stock were exchanged, compared to its average volume of 1,508,621. Absci has a 12 month low of $1.11 and a 12 month high of $6.72. The business has a 50-day moving average of $4.26 and a two-hundred day moving average of $4.48. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.19 and a quick ratio of 7.19. The firm has a market capitalization of $359.59 million, a price-to-earnings ratio of -2.75 and a beta of 2.20.

Absci (NASDAQ:ABSI – Get Free Report) last issued its earnings results on Monday, May 13th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The business had revenue of $0.90 million for the quarter, compared to analyst estimates of $2.50 million. Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. During the same period in the previous year, the firm posted ($0.26) EPS. Sell-side analysts forecast that Absci will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $4.40, for a total value of $13,640,000.00. Following the transaction, the insider now directly owns 11,279,522 shares in the company, valued at approximately $49,629,896.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Absci news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the transaction, the insider now directly owns 11,279,522 shares in the company, valued at approximately $49,629,896.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Zachariah Jonasson sold 19,859 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $4.98, for a total value of $98,897.82. Following the transaction, the chief financial officer now owns 384,751 shares in the company, valued at $1,916,059.98. The disclosure for this sale can be found here. 9.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Absci

Several large investors have recently bought and sold shares of the stock. Comerica Bank purchased a new stake in shares of Absci during the 1st quarter valued at $31,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Absci during the 4th quarter valued at $42,000. Beacon Pointe Advisors LLC purchased a new stake in shares of Absci during the 4th quarter valued at $42,000. SG Americas Securities LLC purchased a new stake in shares of Absci during the 1st quarter valued at $63,000. Finally, Avantax Advisory Services Inc. purchased a new stake in shares of Absci during the 1st quarter valued at $71,000. 52.05% of the stock is currently owned by institutional investors.

About Absci

(Get Free Report)

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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