Absci (NASDAQ:ABSI) Shares Down 11.3% – Time to Sell?

Absci Co. (NASDAQ:ABSI)’s share price dropped 11.3% during mid-day trading on Monday . The company traded as low as $4.41 and last traded at $4.40. Approximately 1,577,352 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 6,820,631 shares. The stock had previously closed at $4.96.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ABSI shares. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Friday, January 17th. Needham & Company LLC assumed coverage on Absci in a report on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 target price on the stock. KeyCorp cut their price target on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Guggenheim reissued a “buy” rating and issued a $10.00 price objective on shares of Absci in a research note on Tuesday, December 3rd. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $8.57.

Absci Stock Performance

The company’s fifty day moving average price is $3.75 and its two-hundred day moving average price is $3.78. 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 firm has a market capitalization of $484.69 million, a PE ratio of -4.54 and a beta of 2.11.

Institutional Investors Weigh In On Absci

A number of institutional investors have recently added to or reduced their stakes in ABSI. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Absci by 28.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock worth $2,997,000 after purchasing an additional 253,985 shares during the period. JPMorgan Chase & Co. lifted its position in Absci by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock valued at $189,000 after buying an additional 6,409 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Absci during the fourth quarter worth approximately $111,000. Barclays PLC increased its position in shares of Absci by 379.6% in the third 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, Charles Schwab Investment Management Inc. raised its stake in shares of Absci by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 697,849 shares of the company’s stock valued at $2,666,000 after acquiring an additional 11,602 shares during the period. Hedge funds and other institutional investors own 52.05% of the company’s stock.

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.