Royce & Associates LP Lowers Stake in Absci Corporation $ABSI

Royce & Associates LP reduced its position in shares of Absci Corporation (NASDAQ:ABSI) by 41.7% during the 4th quarter, HoldingsChannel reports. The fund owned 735,353 shares of the company’s stock after selling 526,080 shares during the period. Royce & Associates LP’s holdings in Absci were worth $2,566,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp boosted its stake in shares of Absci by 41.9% during the 3rd quarter. Jones Financial Companies Lllp now owns 12,317 shares of the company’s stock worth $37,000 after acquiring an additional 3,638 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after acquiring an additional 3,678 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Absci by 20.7% during the 3rd quarter. SG Americas Securities LLC now owns 21,882 shares of the company’s stock worth $67,000 after acquiring an additional 3,758 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after acquiring an additional 5,385 shares in the last quarter. Finally, Alpha Cubed Investments LLC boosted its stake in shares of Absci by 31.2% during the 3rd quarter. Alpha Cubed Investments LLC now owns 26,230 shares of the company’s stock worth $80,000 after acquiring an additional 6,230 shares in the last quarter. 52.05% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Absci

In related news, insider Andreas Busch purchased 100,000 shares of Absci stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average price of $2.29 per share, for a total transaction of $229,000.00. Following the transaction, the insider directly owned 421,446 shares in the company, valued at approximately $965,111.34. This trade represents a 31.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 10.49% of the stock is currently owned by company insiders.

Absci Stock Up 11.0%

ABSI opened at $6.75 on Friday. Absci Corporation has a twelve month low of $2.24 and a twelve month high of $7.34. The company has a 50-day moving average price of $4.18 and a 200 day moving average price of $3.45. The company has a market cap of $1.05 billion, a PE ratio of -8.13 and a beta of 2.36.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.01. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. The firm had revenue of $0.22 million during the quarter, compared to the consensus estimate of $1.39 million. As a group, sell-side analysts expect that Absci Corporation will post -0.77 earnings per share for the current year.

Analysts Set New Price Targets

ABSI has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research note on Monday, April 20th. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Absci in a research note on Wednesday, March 25th. Morgan Stanley set a $4.10 target price on shares of Absci in a research note on Thursday, May 14th. Truist Financial increased their target price on shares of Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, BTIG Research initiated coverage on shares of Absci in a research note on Thursday. They set a “buy” rating and a $9.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.82.

Absci Company Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.