Absci Co. (NASDAQ:ABSI) Stock Holdings Increased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Absci Co. (NASDAQ:ABSI) by 21.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 889,844 shares of the company’s stock after acquiring an additional 158,086 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.78% of Absci worth $3,399,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Redmile Group LLC raised its stake in Absci by 2.8% during the 1st quarter. Redmile Group LLC now owns 8,253,316 shares of the company’s stock valued at $46,879,000 after acquiring an additional 222,222 shares in the last quarter. ARK Investment Management LLC raised its stake in shares of Absci by 15.1% in the 3rd quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock worth $24,210,000 after buying an additional 833,734 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Absci by 33.7% in the 1st quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock worth $19,569,000 after buying an additional 869,131 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Absci by 23.3% in the 2nd quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock worth $5,648,000 after buying an additional 347,079 shares in the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in shares of Absci in the 1st quarter worth $5,822,000. Institutional investors own 52.05% of the company’s stock.

Absci Stock Performance

Shares of NASDAQ ABSI opened at $2.77 on Tuesday. The company has a quick ratio of 6.49, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $318.16 million, a price-to-earnings ratio of -2.98 and a beta of 2.18. The stock’s fifty day simple moving average is $3.90 and its 200 day simple moving average is $4.03. Absci Co. has a 52-week low of $1.33 and a 52-week high of $6.72.

Absci (NASDAQ:ABSI) last issued its earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The company had revenue of $1.70 million during the quarter, compared to analyst estimates of $1.77 million. Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. As a group, sell-side analysts forecast that Absci Co. will post -0.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on ABSI shares. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Wednesday, November 13th. Guggenheim started coverage on Absci in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $10.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $8.67.

Absci Company Profile

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.