Absci Co. (NASDAQ:ABSI) Shares Purchased by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC raised its position in Absci Co. (NASDAQ:ABSI) by 240.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,220 shares of the company’s stock after acquiring an additional 104,650 shares during the quarter. Pier 88 Investment Partners LLC owned approximately 0.13% of Absci worth $457,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ABSI. ARK Investment Management LLC grew its holdings in shares of Absci by 68.0% in the second quarter. ARK Investment Management LLC now owns 5,503,888 shares of the company’s stock valued at $16,952,000 after purchasing an additional 2,226,794 shares in the last quarter. Affinity Asset Advisors LLC purchased a new stake in shares of Absci during the first quarter worth $5,822,000. Vanguard Group Inc. boosted its holdings in Absci by 33.7% in the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock valued at $19,569,000 after purchasing an additional 869,131 shares during the period. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Absci during the 1st quarter worth about $2,390,000. Finally, Nikko Asset Management Americas Inc. acquired a new stake in Absci in the 1st quarter valued at about $2,386,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Trading Down 2.7 %

Shares of Absci stock opened at $4.02 on Friday. The company has a current ratio of 6.49, a quick ratio of 6.49 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $3.99 and a 200-day simple moving average of $4.49. The stock has a market cap of $454.60 million, a price-to-earnings ratio of -3.47 and a beta of 2.21. Absci Co. has a 12-month low of $1.11 and a 12-month high of $6.72.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.03). Absci had a negative return on equity of 44.24% and a negative net margin of 2,838.89%. The firm had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $2.05 million. During the same period in the previous year, the business posted ($0.27) EPS. On average, equities analysts forecast that Absci Co. will post -0.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ABSI. KeyCorp cut their target price on shares of Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Thursday, July 11th. Morgan Stanley assumed coverage on shares of Absci in a report on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Absci in a research note on Thursday, August 15th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $8.40.

Insiders Place Their Bets

In other news, CFO Zachariah Jonasson sold 19,859 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $4.98, for a total transaction of $98,897.82. Following the transaction, the chief financial officer now directly owns 384,751 shares in the company, valued at $1,916,059.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 9.81% of the stock is currently owned by corporate insiders.

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.