Guggenheim Initiates Coverage on Absci (NASDAQ:ABSI)

Guggenheim started coverage on shares of Absci (NASDAQ:ABSI) in a research note published on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $10.00 price objective on the stock.

ABSI has been the subject of several other reports. Morgan Stanley assumed coverage on Absci in a research report on Wednesday, July 3rd. They issued an overweight rating and a $7.00 target price for the company. KeyCorp cut their price objective on Absci from $8.00 to $6.00 and set an overweight rating on the stock in a research note on Thursday, July 11th. Finally, HC Wainwright reiterated a buy rating and set a $7.00 price target on shares of Absci in a report on Thursday, August 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Absci presently has an average rating of Buy and an average price target of $8.67.

Absci Stock Up 1.8 %

NASDAQ ABSI opened at $3.88 on Wednesday. The business has a fifty day moving average price of $4.01 and a two-hundred day moving average price of $4.34. The stock has a market capitalization of $438.77 million, a PE ratio of -3.34 and a beta of 2.19. Absci has a fifty-two week low of $1.11 and a fifty-two week high of $6.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.49 and a quick ratio of 6.49.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The business had revenue of $1.27 million for the quarter, compared to the consensus estimate of $2.05 million. Absci had a negative return on equity of 44.24% and a negative net margin of 2,838.89%. During the same quarter in the prior year, the company earned ($0.27) earnings per share. Equities analysts expect that Absci will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Absci during the first quarter valued at $2,390,000. Vanguard Group Inc. raised its stake in Absci by 33.7% in the 1st quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock valued at $19,569,000 after acquiring an additional 869,131 shares during the period. Marshall Wace LLP lifted its holdings in Absci by 23.3% during the second 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 last quarter. Capstone Investment Advisors LLC bought a new position in Absci during the first quarter worth about $1,477,000. Finally, Hsbc Holdings PLC increased its stake in shares of Absci by 153.8% in the fourth quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock worth $1,769,000 after purchasing an additional 247,019 shares in the last quarter. Hedge funds and other institutional investors 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.