Cubist Systematic Strategies LLC Makes New 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 position in Absci Corporation (NASDAQ:ABSI - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 288,460 shares of the company's stock, valued at approximately $724,000. Cubist Systematic Strategies LLC owned about 0.23% of Absci as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. ARK Investment Management LLC boosted its position in Absci by 32.5% during the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company's stock worth $27,497,000 after purchasing an additional 2,689,153 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Absci during the first quarter worth approximately $5,792,000. Sumitomo Mitsui Trust Group Inc. boosted its position in Absci by 30.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,493,865 shares of the company's stock worth $3,750,000 after purchasing an additional 350,036 shares during the period. Nikko Asset Management Americas Inc. boosted its position in Absci by 30.6% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,493,865 shares of the company's stock worth $3,735,000 after purchasing an additional 350,036 shares during the period. Finally, Royce & Associates LP boosted its position in Absci by 38.2% during the first quarter. Royce & Associates LP now owns 1,218,799 shares of the company's stock worth $3,059,000 after purchasing an additional 336,703 shares during the period. Institutional investors own 52.05% of the company's stock.

Analysts Set New Price Targets

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

Insider Transactions at Absci

In other news, insider Andreas Busch purchased 50,000 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price of $3.04 per share, for a total transaction of $152,000.00. Following the completion of the acquisition, the insider directly owned 327,264 shares in the company, valued at approximately $994,882.56. The trade was a 18.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 10.49% of the stock is currently owned by corporate insiders.

Absci Stock Down 6.9%

Absci stock traded down $0.19 during mid-day trading on Friday, hitting $2.55. 7,030,901 shares of the company were exchanged, compared to its average volume of 3,868,122. Absci Corporation has a 1-year low of $2.01 and a 1-year high of $6.33. The company has a market capitalization of $381.28 million, a PE ratio of -2.71 and a beta of 2.01. The business has a fifty day moving average of $2.78 and a 200 day moving average of $2.85.

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

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.