Absci Corporation (NASDAQ: ABSI) stock jumped 13.98% on Friday to $2.69 against a previous-day closing price of $2.36. With 0.6 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.37 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $2.8015 whereas the lowest price it dropped to was $2.3600. The 52-week range on ABSI shows that it touched its highest point at $9.68 and its lowest point at $1.94 during that stretch. It currently has a 1-year price target of $12.00.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ABSI was down-trending over the past week, with a drop of -4.61%, but this was up by 13.03% over a month. Three-month performance dropped to -14.60% while six-month performance fell -25.07%. The stock lost -60.44% in the past year, while it has gained 28.10% so far this year. A look at the trailing 12-month EPS for ABSI yields -1.22 with Next year EPS estimates of -1.06. For the next quarter, that number is -0.25. This implies an EPS growth rate of -279.60% for this year and 9.40% for next year.
Float and Shares Shorts:
At present, 91.11 million ABSI shares are outstanding with a float of 62.84 million shares on hand for trading. On Oct 13, 2022, short shares totaled 5.35 million, which was 5.76% higher than short shares on Sep 14, 2022. In addition to Mr. Sean McClain as the firm’s Founder, CEO, Pres & Director, Dr. Sarah Korman J.D., Ph.D. serves as its Chief Legal Officer & Corp. Sec.
Through their ownership of 46.07% of ABSI’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 30.69% of ABSI, in contrast to 25.93% held by mutual funds. Shares owned by individuals account for 16.91%. As the largest shareholder in ABSI with 15.07% of the stake, Fidelity Management & Research Co holds 13,926,511 shares worth 13,926,511. A second-largest stockholder of ABSI, Redmile Group LLC, holds 8,031,094 shares, controlling over 8.69% of the firm’s shares. Casdin Capital LLC is the third largest shareholder in ABSI, holding 7,718,593 shares or 8.35% stake. With a 4.48% stake in ABSI, the Fidelity Growth Company Fund is the largest stakeholder. A total of 4,138,840 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 1.57% of ABSI stock, is the second-largest Mutual Fund holder. It holds 1,453,297 shares valued at 3.05 million. Fidelity Growth Company K6 Fund holds 1.45% of the stake in ABSI, owning 1,334,883 shares worth 2.8 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ABSI since 7 analysts follow the stock currently. There are 4 analysts who recommend BUY ratings, while 1 suggest SELL ratings. Of the remaining analysts, 1 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 1 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With ABSI analysts setting a high price target of $28.00 and a low target of $3.00, the average target price over the next 12 months is $12.00. Based on these targets, ABSI could surge 940.89% to reach the target high and rise by 11.52% to reach the target low. Reaching the average price target will result in a growth of 346.1% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. ABSI will report FY 2022 earnings on 03/20/2024. Analysts have provided yearly estimates in a range of -$0.92 being high and -$1.24 being low. For ABSI, this leads to a yearly average estimate of -$1.17. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Absci Corporation surprised analysts by -$0.02 when it reported -$0.30 EPS against a consensus estimate of -$0.28. The surprise factor in the prior quarter was -$0.01. Based on analyst estimates, the high estimate for the next quarter is -$0.21 and the low estimate is -$0.29. The average estimate for the next quarter is thus -$0.25.
Summary of Insider Activity:
Insiders traded ABSI stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 2 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 54,250 while 0 shares were sold.