HC Wainwright Reaffirms “Buy” Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 116.05% from the stock’s current price.

Separately, Guggenheim reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Absci in a research note on Tuesday, December 3rd. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $8.67.

Absci Price Performance

Shares of ABSI traded up $0.17 during mid-day trading on Wednesday, reaching $3.24. The company had a trading volume of 49,764,319 shares, compared to its average volume of 11,559,543. The company has a market capitalization of $372.13 million, a price-to-earnings ratio of -3.48 and a beta of 2.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The company’s 50 day simple moving average is $3.24 and its 200 day simple moving average is $3.69. Absci has a 1-year low of $2.45 and a 1-year high of $6.72.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the company posted ($0.24) earnings per share. Analysts expect that Absci will post -0.9 EPS for the current year.

Institutional Trading of Absci

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in shares of Absci by 14.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock valued at $189,000 after purchasing an additional 6,409 shares during the last quarter. Franklin Resources Inc. bought a new stake in Absci during the third quarter valued at $191,000. Wilmington Savings Fund Society FSB acquired a new stake in Absci during the 3rd quarter worth about $724,000. Barclays PLC raised its position in shares of Absci by 379.6% in the 3rd quarter. Barclays PLC now owns 131,504 shares of the company’s stock worth $503,000 after acquiring an additional 104,083 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Absci by 6.8% during the third quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company’s stock worth $7,388,000 after purchasing an additional 123,896 shares during the period. Institutional investors and hedge funds own 52.05% of the company’s stock.

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.