ARK Investment Management LLC Increases Holdings in Absci Co. (NASDAQ:ABSI)

ARK Investment Management LLC increased its stake in shares of Absci Co. (NASDAQ:ABSI) by 30.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,265,936 shares of the company’s stock after buying an additional 1,928,314 shares during the quarter. ARK Investment Management LLC owned about 0.07% of Absci worth $21,657,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ABSI. Farther Finance Advisors LLC lifted its position in Absci by 119.5% during the third quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock worth $72,000 after buying an additional 10,275 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Absci by 21.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,844 shares of the company’s stock worth $3,399,000 after buying an additional 158,086 shares in the last quarter. Victory Capital Management Inc. lifted its position in Absci by 5.9% during the third quarter. Victory Capital Management Inc. now owns 150,562 shares of the company’s stock worth $575,000 after buying an additional 8,388 shares in the last quarter. King Luther Capital Management Corp purchased a new stake in Absci in the third quarter valued at $296,000. Finally, Intech Investment Management LLC purchased a new stake in Absci in the third quarter valued at $86,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Trading Down 10.1 %

Shares of NASDAQ ABSI opened at $4.02 on Wednesday. Absci Co. has a twelve month low of $2.45 and a twelve month high of $6.72. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $3.75 and a 200-day simple moving average of $3.78. The stock has a market capitalization of $461.74 million, a PE ratio of -4.32 and a beta of 2.11.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research report on Friday, January 17th. KeyCorp reduced their target price on Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Needham & Company LLC assumed coverage on Absci in a research report on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 target price on the stock. Finally, Guggenheim restated a “buy” rating and issued a $10.00 target price on shares of Absci in a research report on Tuesday, December 3rd. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.57.

About Absci

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.