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Absci Corporation (ABSI) Moves 16.8% Higher: Will This Strength Last?
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Absci Corporation (ABSI - Free Report) shares rallied 16.8% in the last trading session to close at $6.59. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20% gain over the past four weeks.
The sudden rise in the share price can be attributed to the positive investor mindset regarding the potential of Absci's preclinical pipeline. Notably, in February 2024, the company initiated IND-enabling studies for ABS-101, an anti-TL1A antibody developed using its de novo generative AI foundation model.
This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of +26.9%. Revenues are expected to be $2.63 million, up 106.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Absci Corporation, the consensus EPS estimate for the quarter has been revised 11.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ABSI going forward to see if this recent jump can turn into more strength down the road.
Absci Corporation is part of the Zacks Medical - Biomedical and Genetics industry. NeoGenomics (NEO - Free Report) , another stock in the same industry, closed the last trading session 2.5% higher at $15.22. NEO has returned -6.8% in the past month.
For NeoGenomics, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +66.7% from what the company reported a year ago. NeoGenomics currently has a Zacks Rank of #2 (Buy).
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Absci Corporation (ABSI) Moves 16.8% Higher: Will This Strength Last?
Absci Corporation (ABSI - Free Report) shares rallied 16.8% in the last trading session to close at $6.59. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20% gain over the past four weeks.
The sudden rise in the share price can be attributed to the positive investor mindset regarding the potential of Absci's preclinical pipeline. Notably, in February 2024, the company initiated IND-enabling studies for ABS-101, an anti-TL1A antibody developed using its de novo generative AI foundation model.
This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of +26.9%. Revenues are expected to be $2.63 million, up 106.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Absci Corporation, the consensus EPS estimate for the quarter has been revised 11.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ABSI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Absci Corporation is part of the Zacks Medical - Biomedical and Genetics industry. NeoGenomics (NEO - Free Report) , another stock in the same industry, closed the last trading session 2.5% higher at $15.22. NEO has returned -6.8% in the past month.
For NeoGenomics, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +66.7% from what the company reported a year ago. NeoGenomics currently has a Zacks Rank of #2 (Buy).