Absci (NASDAQ:ABSI) Given Buy Rating at Truist Financial

Truist Financial reiterated their buy rating on shares of Absci (NASDAQ:ABSI) in a report issued on Tuesday, Benzinga reports. The brokerage currently has a $9.00 target price on the stock.

Other analysts have also recently issued research reports about the company. KeyCorp upped their price objective on Absci from $5.00 to $8.00 and gave the company an overweight rating in a research note on Monday, March 4th. Scotiabank restated an outperform rating and set a $13.00 price objective on shares of Absci in a research note on Monday. Finally, HC Wainwright restated a buy rating and set a $7.00 price objective on shares of Absci in a research note on Friday, March 22nd.

Absci Trading Up 2.5 %

Shares of ABSI opened at $5.68 on Tuesday. The company has a market capitalization of $640.65 million, a P/E ratio of -4.73 and a beta of 2.35. Absci has a one year low of $1.11 and a one year high of $6.40. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.08 and a current ratio of 4.08. The stock has a 50-day moving average price of $4.67 and a 200 day moving average price of $3.00.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Thursday, March 21st. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The business had revenue of $0.34 million during the quarter, compared to analysts’ expectations of $1.75 million. Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. Sell-side analysts forecast that Absci will post -0.77 EPS for the current fiscal year.

Insider Transactions at Absci

In related news, Director Redmile Group, Llc purchased 222,222 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 8,253,316 shares of the company’s stock, valued at $37,139,922. The acquisition 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 Trading of Absci

A number of institutional investors and hedge funds have recently made changes to their positions in ABSI. Vanguard Group Inc. raised its position in shares of Absci by 178.4% during the 1st quarter. Vanguard Group Inc. now owns 3,424,005 shares of the company’s stock worth $28,864,000 after purchasing an additional 2,194,034 shares during the period. BlackRock Inc. grew its holdings in Absci by 150.2% in the 1st quarter. BlackRock Inc. now owns 3,146,687 shares of the company’s stock worth $26,526,000 after buying an additional 1,889,129 shares in the last quarter. State Street Corp grew its holdings in Absci by 200.0% in the 1st quarter. State Street Corp now owns 720,789 shares of the company’s stock worth $6,076,000 after buying an additional 480,506 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Absci in the 3rd quarter worth approximately $546,000. Finally, Charles Schwab Investment Management Inc. bought a new position in Absci in the 1st quarter worth approximately $632,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Company Profile

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.