Truist Financial Reiterates “Buy” Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reaffirmed by research analysts at Truist Financial in a research note issued on Tuesday, Benzinga reports. They presently have a $9.00 target price on the stock. Truist Financial’s target price points to a potential upside of 62.45% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Friday, March 22nd. KeyCorp lifted their price target on Absci from $5.00 to $8.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Finally, Scotiabank restated an “outperform” rating and issued a $13.00 target price on shares of Absci in a report on Monday.

Absci Stock Up 6.3 %

Shares of ABSI stock opened at $5.54 on Tuesday. Absci has a 1 year low of $1.11 and a 1 year high of $6.40. The stock has a market cap of $624.86 million, a PE ratio of -4.62 and a beta of 2.35. The business’s fifty day moving average is $4.63 and its 200-day moving average is $2.98. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.08 and a current ratio of 4.08.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Thursday, March 21st. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.02). Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. The firm had revenue of $0.34 million for the quarter, compared to analyst estimates of $1.75 million. Equities analysts expect that Absci will post -0.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Redmile Group, Llc bought 222,222 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were acquired at an average cost of $4.50 per share, for a total transaction of $999,999.00. Following the acquisition, the director now directly owns 8,253,316 shares of the company’s stock, valued at approximately $37,139,922. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 11.58% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. grew its holdings in shares of Absci by 305.3% during the first quarter. Ameritas Investment Partners Inc. now owns 4,312 shares of the company’s stock valued at $36,000 after buying an additional 3,248 shares in the last quarter. Metropolitan Life Insurance Co NY purchased a new position in shares of Absci during the first quarter valued at $33,000. Royal Bank of Canada grew its holdings in shares of Absci by 91.4% during the first quarter. Royal Bank of Canada now owns 8,916 shares of the company’s stock valued at $75,000 after buying an additional 4,258 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Absci by 36.5% during the fourth quarter. Principal Financial Group Inc. now owns 22,108 shares of the company’s stock valued at $46,000 after buying an additional 5,906 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Absci by 8.6% during the second quarter. Goldman Sachs Group Inc. now owns 93,203 shares of the company’s stock valued at $142,000 after purchasing an additional 7,376 shares during the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.