Absci (NASDAQ:ABSI) Stock Price Down 11.3% – What’s Next?

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

Wall Street Analyst Weigh In

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

Absci Trading Up 5.0 %

The firm has a market capitalization of $484.69 million, a P/E ratio of -4.54 and a beta of 2.11. The business’s 50 day moving average is $3.75 and its two-hundred day moving average is $3.78. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01.

Institutional Trading of Absci

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC increased its stake in shares of Absci by 30.4% during the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock valued at $21,657,000 after acquiring an additional 1,928,314 shares during the period. Royce & Associates LP boosted its stake in Absci by 472.1% during the 4th quarter. Royce & Associates LP now owns 882,096 shares of the company’s stock valued at $2,311,000 after purchasing an additional 727,905 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Absci by 191.9% during the 4th quarter. Two Sigma Advisers LP now owns 676,400 shares of the company’s stock valued at $1,772,000 after purchasing an additional 444,700 shares during the period. Two Sigma Investments LP raised its stake in shares of Absci by 97.2% in the 4th quarter. Two Sigma Investments LP now owns 899,648 shares of the company’s stock worth $2,357,000 after buying an additional 443,410 shares in the last quarter. Finally, Fred Alger Management LLC lifted its holdings 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 buying an additional 309,843 shares during the period. 52.05% of the stock is currently owned by 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.