Cubist Systematic Strategies LLC Makes New $724,000 Investment in Absci Corporation $ABSI

Key Points

• Cubist Systematic Strategies LLC acquired 288,460 shares of Absci Corporation, valued at approximately $724,000, representing about 0.23% of the company.
• Absci reported a quarterly loss of $0.24 EPS and revenue of $0.59 million, which was below analysts' expectations.
• Total institutional ownership of Absci Corporation stands at 52.05%, with several investors, including Dimensional Fund Advisors and Bank of America, increasing their stakes in the company.

Cubist Systematic Strategies LLC acquired a new stake in Absci Corporation (NASDAQ:ABSI - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 288,460 shares of the company's stock, valued at approximately $724,000. Cubist Systematic Strategies LLC owned about 0.23% of Absci at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Absci by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,800 shares of the company's stock valued at $120,000 after acquiring an additional 1,976 shares during the last quarter. Ballentine Partners LLC grew its stake in shares of Absci by 35.8% during the first quarter. Ballentine Partners LLC now owns 14,153 shares of the company's stock worth $36,000 after buying an additional 3,729 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Absci by 14.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,333 shares of the company's stock worth $77,000 after buying an additional 3,747 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Absci by 1.1% during the fourth quarter. Wellington Management Group LLP now owns 352,805 shares of the company's stock worth $924,000 after buying an additional 3,951 shares during the last quarter. Finally, Alpha Cubed Investments LLC grew its stake in shares of Absci by 100.0% during the first quarter. Alpha Cubed Investments LLC now owns 20,000 shares of the company's stock worth $50,000 after buying an additional 10,000 shares during the last quarter. 52.05% of the stock is owned by institutional investors.

Insider Buying and Selling at Absci

In other Absci news, insider Andreas Busch purchased 50,000 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were bought at an average cost of $3.04 per share, for a total transaction of $152,000.00. Following the purchase, the insider owned 327,264 shares of the company's stock, valued at $994,882.56. This represents a 18.03% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 10.49% of the stock is owned by corporate insiders.

Absci Stock Performance

Shares of NASDAQ ABSI traded up $0.07 during trading on Monday, hitting $2.62. 3,606,675 shares of the company traded hands, compared to its average volume of 3,913,857. The business's fifty day moving average is $2.78 and its 200 day moving average is $2.83. Absci Corporation has a fifty-two week low of $2.01 and a fifty-two week high of $6.33. The firm has a market capitalization of $391.74 million, a price-to-earnings ratio of -2.79 and a beta of 2.01.

Absci (NASDAQ:ABSI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05). The business had revenue of $0.59 million for the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative return on equity of 60.21% and a negative net margin of 2,737.94%. On average, analysts predict that Absci Corporation will post -0.89 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Morgan Stanley decreased their target price on shares of Absci from $6.40 to $5.89 and set an "overweight" rating on the stock in a research note on Monday, August 18th. Wall Street Zen cut shares of Absci from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Finally, Needham & Company LLC decreased their target price on shares of Absci from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, August 13th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $7.98.

Absci Company 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.