Absci (NASDAQ:ABSI) Price Target Cut to $6.00 by Analysts at KeyCorp

Absci (NASDAQ:ABSI) had its target price cut by KeyCorp from $8.00 to $6.00 in a report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts also recently issued research reports about the company. Truist Financial reissued a buy rating and issued a $9.00 target price on shares of Absci in a report on Tuesday, March 26th. Scotiabank reaffirmed an outperform rating and issued a $13.00 price objective on shares of Absci in a research note on Monday, March 25th. Morgan Stanley assumed coverage on Absci in a research note on Wednesday, July 3rd. They issued an overweight rating and a $7.00 price objective on the stock. Finally, 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. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of Buy and a consensus target price of $8.40.

Absci Stock Up 11.6 %

ABSI stock opened at $4.03 on Thursday. Absci has a 1-year low of $1.11 and a 1-year high of $6.72. The business has a fifty day moving average price of $4.08 and a 200-day moving average price 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 stock has a market capitalization of $455.71 million, a P/E ratio of -3.47 and a beta of 2.20.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The business had revenue of $0.90 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm earned ($0.26) EPS. Equities analysts forecast that Absci will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Absci

Several institutional investors have recently added to or reduced their stakes in ABSI. Affinity Asset Advisors LLC purchased a new position in Absci during the 1st quarter valued at approximately $5,822,000. Vanguard Group Inc. grew its holdings in Absci by 33.7% during the 1st quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock valued at $19,569,000 after buying an additional 869,131 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Absci during the 1st quarter valued at approximately $2,390,000. Nikko Asset Management Americas Inc. bought a new stake in shares of Absci in the 1st quarter valued at approximately $2,386,000. Finally, Capstone Investment Advisors LLC bought a new stake in shares of Absci in the 1st quarter valued at approximately $1,477,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

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.