Absci (NASDAQ:ABSI) Shares Gap Up – What’s Next?

Absci Co. (NASDAQ:ABSI) gapped up before the market opened on Tuesday . The stock had previously closed at $5.82, but opened at $6.27. Absci shares last traded at $6.29, with a volume of 3,597,708 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ABSI. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Absci in a research report on Friday, January 17th. Needham & Company LLC assumed coverage on Absci in a report on Wednesday, January 22nd. They set a “buy” rating and a $9.00 price objective for the company. Guggenheim reissued a “buy” rating and issued a $10.00 price objective on shares of Absci in a research note on Tuesday, December 3rd. Finally, KeyCorp cut their target price on Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $8.57.

Absci Stock Performance

The stock has a market cap of $665.04 million, a P/E ratio of -6.23 and a beta of 2.11. 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 simple moving average is $3.65 and its 200 day simple moving average is $3.73.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Absci by 28.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after purchasing an additional 253,985 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Absci by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock worth $189,000 after buying an additional 6,409 shares during the last quarter. SG Americas Securities LLC bought a new stake in Absci in the fourth quarter worth about $111,000. Barclays PLC boosted its stake in Absci by 379.6% in the third quarter. Barclays PLC now owns 131,504 shares of the company’s stock valued at $503,000 after acquiring an additional 104,083 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Absci by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 697,849 shares of the company’s stock valued at $2,666,000 after acquiring an additional 11,602 shares during the period. 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.