Absci (NASDAQ:ABSI) Price Target Cut to $5.00 by Analysts at KeyCorp

Absci (NASDAQ:ABSI) had its target price lowered by KeyCorp from $6.00 to $5.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target points to a potential upside of 55.28% from the company’s previous close.

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

Absci Trading Up 4.9 %

Shares of NASDAQ:ABSI opened at $3.22 on Wednesday. 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 has a 12 month low of $2.45 and a 12 month high of $6.72. The company’s fifty day simple moving average is $3.21 and its 200 day simple moving average is $3.68. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01.

Absci (NASDAQ:ABSI) last released 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). The firm had revenue of $1.70 million during the quarter, compared to analyst estimates 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 prior year, the business earned ($0.24) EPS. As a group, research analysts forecast that Absci will post -0.9 EPS for the current fiscal year.

Institutional Trading of Absci

Several institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC grew its stake in Absci by 1.2% in the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company’s stock valued at $48,620,000 after buying an additional 147,156 shares during the last quarter. Fred Alger Management LLC grew its position in shares of Absci by 4.3% in the third 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 during the last quarter. ARK Investment Management LLC increased its stake in shares of Absci by 15.1% during the third 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 period. Geode Capital Management LLC lifted its holdings in Absci by 6.8% during 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 boosted 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 purchasing an additional 347,079 shares during the period. 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.