ADAR1 Capital Management LLC Decreases Stake in Absci Co. (NASDAQ:ABSI)

ADAR1 Capital Management LLC decreased its holdings in shares of Absci Co. (NASDAQ:ABSI) by 84.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 157,665 shares of the company’s stock after selling 848,085 shares during the quarter. ADAR1 Capital Management LLC’s holdings in Absci were worth $413,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of ABSI. Sumitomo Mitsui Trust Group Inc. lifted its stake in Absci by 28.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock worth $2,997,000 after purchasing an additional 253,985 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Absci by 14.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock valued at $189,000 after buying an additional 6,409 shares during the period. ARK Investment Management LLC lifted its holdings in 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 acquiring an additional 1,928,314 shares during the last quarter. SG Americas Securities LLC purchased a new position in Absci in the fourth quarter worth approximately $111,000. Finally, Nikko Asset Management Americas Inc. increased 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 acquiring an additional 253,985 shares during the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Absci Stock Performance

Shares of ABSI opened at $2.28 on Monday. The stock has a market capitalization of $290.36 million, a PE ratio of -2.45 and a beta of 2.22. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The stock has a 50-day simple moving average of $3.75 and a 200-day simple moving average of $3.58. Absci Co. has a 1 year low of $2.01 and a 1 year high of $6.72.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, March 18th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $0.67 million for 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%. On average, analysts predict that Absci Co. will post -0.89 earnings per share for the current fiscal year.

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.