Absci (NASDAQ:ABSI) Price Target Lowered to $5.00 at KeyCorp

Absci (NASDAQ:ABSI) had its price target lowered by KeyCorp from $6.00 to $5.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also issued reports on ABSI. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Wednesday. Guggenheim reiterated a “buy” rating and set a $10.00 price target on shares of Absci in a research note on Tuesday, December 3rd. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $8.50.

Absci Price Performance

Shares of NASDAQ:ABSI opened at $3.22 on Wednesday. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. Absci has a 1 year low of $2.45 and a 1 year high of $6.72. The business has a fifty day simple moving average of $3.23 and a 200 day simple moving average of $3.68. The firm has a market cap of $369.84 million, a price-to-earnings ratio of -3.46 and a beta of 2.04.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05). The firm had revenue of $1.70 million during the quarter, compared to the consensus estimate of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. During the same period in the previous year, the firm posted ($0.24) EPS. As a group, sell-side analysts predict that Absci will post -0.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Absci

Several large investors have recently bought and sold shares of ABSI. FMR LLC increased its stake in Absci by 1.2% in the third quarter. FMR LLC now owns 12,727,760 shares of the company’s stock valued at $48,620,000 after acquiring an additional 147,156 shares during the period. Fred Alger Management LLC boosted its stake in shares of 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 purchasing an additional 309,843 shares in the last quarter. ARK Investment Management LLC grew its holdings in shares of Absci by 15.1% in the 3rd quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock worth $24,210,000 after purchasing an additional 833,734 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Absci by 6.8% in the 3rd 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 last quarter. Finally, Marshall Wace LLP increased its position in shares of Absci by 23.3% during the 2nd quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock worth $5,648,000 after purchasing an additional 347,079 shares in the last quarter. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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.