Brokerages Set Absci Co. (NASDAQ:ABSI) Target Price at $8.67

Shares of Absci Co. (NASDAQ:ABSI) have been assigned an average recommendation of “Buy” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $8.67.

ABSI has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Absci in a report on Wednesday, November 13th. Guggenheim started coverage on shares of Absci in a report on Wednesday, October 2nd. They set a “buy” rating and a $10.00 price target for the company.

Institutional Trading of Absci

Several hedge funds have recently modified their holdings of the stock. FMR LLC grew its position in shares of Absci by 1.2% during the third quarter. FMR LLC now owns 12,727,760 shares of the company’s stock worth $48,620,000 after buying an additional 147,156 shares in the last quarter. Redmile Group LLC raised its stake in Absci by 2.8% during the 1st quarter. Redmile Group LLC now owns 8,253,316 shares of the company’s stock worth $46,879,000 after acquiring an additional 222,222 shares in the last quarter. Fred Alger Management LLC lifted its holdings in shares of Absci by 4.3% in the 3rd quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock valued at $28,904,000 after purchasing an additional 309,843 shares during the last quarter. ARK Investment Management LLC lifted its stake in Absci by 15.1% in the third quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock valued at $24,210,000 after buying an additional 833,734 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Absci by 33.7% in the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock valued at $19,569,000 after acquiring an additional 869,131 shares during the period. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Stock Performance

NASDAQ:ABSI opened at $2.56 on Thursday. Absci has a twelve month low of $1.35 and a twelve month high of $6.72. The company has a market cap of $294.04 million, a P/E ratio of -2.75 and a beta of 2.18. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $3.81 and its 200-day moving average price is $3.97.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The business had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $1.77 million. Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. During the same period last year, the business earned ($0.24) earnings per share. On average, sell-side analysts forecast that Absci will post -0.9 earnings per share for the current fiscal year.

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.