Guggenheim Reiterates “Buy” Rating for Absci (NASDAQ:ABSI)

Absci (NASDAQ:ABSI)‘s stock had its “buy” rating reissued by equities research analysts at Guggenheim in a report issued on Tuesday,Benzinga reports. They currently have a $10.00 target price on the stock. Guggenheim’s price objective indicates a potential upside of 235.57% from the stock’s current price.

Separately, HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Absci in a research note on Wednesday, November 13th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Absci has a consensus rating of “Buy” and a consensus target price of $8.67.

Absci Stock Performance

Shares of ABSI stock traded down $0.17 during trading on Tuesday, reaching $2.98. 450,645 shares of the company’s stock traded hands, compared to its average volume of 1,329,576. The firm’s 50-day moving average is $3.69 and its 200 day moving average is $3.89. 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 $1.74 and a 1 year high of $6.72. The company has a market capitalization of $342.28 million, a P/E ratio of -3.20 and a beta of 2.03.

Absci (NASDAQ:ABSI) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The firm had revenue of $1.70 million during the quarter, compared to the consensus estimate of $1.77 million. During the same quarter last year, the business posted ($0.24) earnings per share. Equities research analysts expect that Absci will post -0.9 EPS for the current year.

Hedge Funds Weigh In On Absci

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Absci by 33.7% in the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock worth $19,569,000 after purchasing an additional 869,131 shares during the last quarter. Comerica Bank bought a new stake in Absci during the 1st quarter valued at $31,000. Brookstone Capital Management purchased a new stake in Absci during the 2nd quarter valued at $110,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Absci by 73.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 731,758 shares of the company’s stock worth $2,254,000 after purchasing an additional 310,946 shares during the period. Finally, Institute for Wealth Management LLC. raised its position in Absci by 110.3% during the 2nd quarter. Institute for Wealth Management LLC. now owns 510,902 shares of the company’s stock valued at $1,574,000 after purchasing an additional 268,019 shares during the last quarter. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

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.