ABSI - Absci sinks after quarterly miss as net loss widens

Absci Corporation (ABSI -19.8%) has recorded the biggest intra-day loss after the company’s Q3 2021 results failed to meet the consensus.  While third-quarter revenue surged ~67% YoY to $1.5M, the net loss nearly quadrupled to ~$10.7M, driven by a manifold rise in R&D and SG&A expenses. However, cash and cash equivalents stood at $279.3M compared to $69.9M in 2020 year-end, thanks to the recently concluded IPO that raised $210M in net proceeds. Speaking to Seeking Alpha ahead of its IPO, Absci (NASDAQ:ABSI) CEO Sean McClain highlighted a key metric to watch out for over the next year. The analysts expect the company to generate $7.0M in revenue for 2021. And among them, Neutral views on the stock outnumber the Bullish ratings.

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Absci sinks after quarterly miss as net loss widens