Absci (NASDAQ:ABSI) Issues Quarterly Earnings Results

Absci (NASDAQ:ABSI) announced its quarterly earnings results on Wednesday. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03), Yahoo Finance reports. The business had revenue of $1.27 million for the quarter, compared to analyst estimates of $2.05 million. Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. During the same quarter last year, the company earned ($0.27) EPS.

Absci Trading Up 9.7 %

ABSI stock traded up $0.36 during midday trading on Thursday, reaching $4.09. The stock had a trading volume of 1,246,267 shares, compared to its average volume of 1,475,496. The firm has a market cap of $462.51 million, a price-to-earnings ratio of -3.44 and a beta of 2.21. Absci has a twelve month low of $1.11 and a twelve month high of $6.72. The company has a quick ratio of 7.19, a current ratio of 7.19 and a debt-to-equity ratio of 0.02. The business has a fifty day simple moving average of $3.80 and a two-hundred day simple moving average of $4.51.

Insider Buying and Selling at Absci

In other Absci news, CFO Zachariah Jonasson sold 19,859 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $4.98, for a total value of $98,897.82. Following the transaction, the chief financial officer now directly owns 384,751 shares of the company’s stock, valued at $1,916,059.98. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the completion of the transaction, the insider now directly owns 11,279,522 shares in the company, valued at approximately $49,629,896.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Zachariah Jonasson sold 19,859 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $4.98, for a total value of $98,897.82. Following the completion of the sale, the chief financial officer now directly owns 384,751 shares of the company’s stock, valued at $1,916,059.98. The disclosure for this sale can be found here. Corporate insiders own 9.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ABSI. KeyCorp dropped their price target on shares of Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Absci in a report on Thursday. Finally, Morgan Stanley started coverage on shares of Absci in a report on Wednesday, July 3rd. They set an “overweight” rating and a $7.00 price target for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $8.40.

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.