Absci (NASDAQ:ABSI) Shares Gap Up - Time to Buy?

Absci Co. (NASDAQ:ABSI) experienced a notable surge in its stock price before the market opened on Tuesday. Previously closing at $5.82, the stock opened at $6.27. As of the most recent trading, Absci shares were valued at $6.29 with a trading volume of 3,597,708 shares.

Wall Street Analysts Provide Their Insights

A variety of analysts have commented on Absci's stock. Guggenheim reiterated a "buy" rating and established a target price of $10.00 for the shares. This report was released on December 3rd. Conversely, KeyCorp lowered its target price from $6.00 to $5.00, while maintaining an "overweight" rating on January 8th. On January 22nd, Needham & Company LLC started coverage on Absci, setting a "buy" rating with a target price of $9.00. Lastly, HC Wainwright also reaffirmed a "buy" rating with a price target of $7.00. According to MarketBeat.com, seven analysts have a "buy" rating for Absci, indicating a consensus rating of "Buy" with a target average of $8.57.

Latest Report on Absci

Absci Stock Analysis

At present, Absci’s financial ratios reflect a strong position, with a current ratio and quick ratio both at 5.63 and a minimal debt-to-equity ratio of 0.01. The stock's 50-day moving average stands at $3.67, while the 200-day moving average is at $3.75. Absci has a market capitalization of $596.12 million, with a price-to-earnings (P/E) ratio of -5.58 and a beta of 2.11, indicating higher volatility compared to the market.

Institutional Investors in Absci

Recent activity among large investors showcases interest in Absci shares. Cherry Creek Investment Advisors Inc. established a new position in the third quarter valued at around $149,000. Farther Finance Advisors LLC increased its holdings by 119.5% during the same quarter, giving them 18,876 shares worth $72,000 after acquiring an additional 10,275 shares. ARK Investment Management LLC also expanded its position by 15.1%, now owning 6,337,622 shares valued at approximately $24.21 million following an acquisition of 833,734 shares. Furthermore, Sumitomo Mitsui Trust Group Inc. raised its share count by 21.6% to own 889,844 shares worth $3.4 million after obtaining an extra 158,086 shares. Lastly, Victory Capital Management Inc. has increased its ownership by 5.9%, holding 150,562 shares valued at $575,000 after picking up an additional 8,388 shares. Overall, institutional investors own 52.05% of Absci’s stock.

About Absci Corporation

Absci Corporation is a U.S.-based company that focuses on data-driven generative artificial intelligence (AI) for drug creation. It combines AI technology with scalable wet lab methods to produce biologics aimed at addressing patient needs. Their innovative drug creation platform aims to enhance traditional biologic drug discovery, leveraging AI to optimize multiple drug characteristics simultaneously, which is crucial for developmental and therapeutic success.

Investment Considerations

Before making any investment decisions regarding Absci, it’s essential for potential investors to analyze current market conditions and research. While Absci has garnered a "Buy" rating from numerous analysts, it’s important to note that some top-rated analysts suggest there are other stocks worth considering as better options.

Absci, Stocks, Buying