IQ EQ FUND MANAGEMENT IRELAND Ltd Increases Stake in Absci Co. (NASDAQ:ABSI)

IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Absci Co. (NASDAQ:ABSI) by 119.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,733 shares of the company’s stock after buying an additional 16,756 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Absci were worth $81,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. grew its stake in Absci by 28.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after acquiring an additional 253,985 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Absci by 14.9% in the third quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock valued at $189,000 after purchasing an additional 6,409 shares in the last quarter. ARK Investment Management LLC increased its holdings in shares of Absci by 30.4% in the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock valued at $21,657,000 after purchasing an additional 1,928,314 shares during the last quarter. SG Americas Securities LLC purchased a new position in Absci during the fourth quarter worth approximately $111,000. Finally, Nikko Asset Management Americas Inc. boosted its stake in Absci by 28.5% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company’s stock worth $2,997,000 after buying an additional 253,985 shares during the last quarter. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Stock Down 3.9 %

Shares of ABSI opened at $2.70 on Friday. The company’s 50-day moving average price is $3.87 and its 200 day moving average price is $3.63. Absci Co. has a 12-month low of $2.45 and a 12-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 firm has a market cap of $343.80 million, a P/E ratio of -2.90 and a beta of 2.09.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, March 18th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The company had revenue of $0.67 million during the quarter, compared to analyst estimates of $1.77 million. On average, sell-side analysts forecast that Absci Co. will post -0.89 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on ABSI shares. KeyCorp cut their target price on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Guggenheim restated a “buy” rating and set a $10.00 price objective on shares of Absci in a research report on Thursday, March 20th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Absci in a report on Wednesday, March 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $9.00 price target on shares of Absci in a report on Wednesday, March 19th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Absci currently has an average rating of “Buy” and an average price target of $7.60.

Absci 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.