Absci (NASDAQ:ABSI) Shares Gap Up – Here’s What Happened

Shares of Absci Co. (NASDAQ:ABSI) gapped up prior to trading on Wednesday . The stock had previously closed at $4.02, but opened at $4.29. Absci shares last traded at $4.39, with a volume of 2,415,478 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABSI. Guggenheim reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Absci in a research note on Tuesday, December 3rd. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Absci in a report on Wednesday, November 13th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Absci currently has a consensus rating of “Buy” and an average target price of $8.67.

Absci Trading Up 9.0 %

The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The business’s fifty day moving average is $3.60 and its 200 day moving average is $3.82. The firm has a market capitalization of $503.07 million, a price-to-earnings ratio of -4.72 and a beta of 2.03.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The company had revenue of $1.70 million for the quarter, compared to analyst estimates of $1.77 million. During the same quarter in the previous year, the business earned ($0.24) earnings per share. Equities analysts predict that Absci Co. will post -0.9 earnings per share for the current year.

Institutional Investors Weigh In On Absci

A number of hedge funds and other institutional investors have recently made changes to their positions in ABSI. ARK Investment Management LLC increased its stake in Absci by 68.0% in the 2nd quarter. ARK Investment Management LLC now owns 5,503,888 shares of the company’s stock valued at $16,952,000 after buying an additional 2,226,794 shares during the last quarter. Marshall Wace LLP increased its stake in Absci by 23.3% in the 2nd quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock valued at $5,648,000 after buying an additional 347,079 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Absci by 73.9% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 731,758 shares of the company’s stock valued at $2,254,000 after buying an additional 310,946 shares during the last quarter. Fred Alger Management LLC increased its stake in 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 buying an additional 309,843 shares during the last quarter. Finally, Institute for Wealth Management LLC. increased its stake in Absci by 110.3% in the 2nd quarter. Institute for Wealth Management LLC. now owns 510,902 shares of the company’s stock valued at $1,574,000 after buying an additional 268,019 shares during the last quarter. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Company Profile

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.