Absci Corporation $ABSI Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 565,999 Absci shares in the second quarter, valued at approximately $6.56 million and representing about 0.33% of the company. Institutional investors and hedge funds collectively own 52.05% of Absci.
• Absci reported weaker-than-expected quarterly results, posting a loss of $0.21 per share versus the $0.19 consensus estimate and revenue of $0.32 million versus $0.92 million expected.
• Analyst sentiment remains broadly positive, with nine Buy ratings and one Sell rating; the stock has a “Moderate Buy” consensus and an average price target of $13.71, compared with a recent price of $9.74.

Bank of America Corp DE acquired a new position in shares of Absci Corporation (NASDAQ:ABSI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 565,999 shares of the company's stock, valued at approximately $6,560,000. Bank of America Corp DE owned about 0.33% of Absci at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Absci in the 2nd quarter worth $141,112,000. Parkman Healthcare Partners LLC bought a new stake in Absci in the second quarter valued at about $10,366,000. Baker BROS. Advisors LP acquired a new position in Absci in the fourth quarter valued at about $7,450,000. Siren L.L.C. acquired a new position in Absci in the first quarter valued at about $5,400,000. Finally, Bank of New York Mellon Corp acquired a new position in Absci in the second quarter valued at about $4,483,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Price Performance

Shares of Absci stock opened at $9.74 on Monday. Absci Corporation has a 1 year low of $2.24 and a 1 year high of $12.06. The business has a 50-day moving average of $8.78 and a two-hundred day moving average of $6.87. The company has a market capitalization of $1.67 billion, a P/E ratio of -12.17 and a beta of 2.42.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. On average, equities analysts anticipate that Absci Corporation will post -0.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. BTIG Research set a $15.00 target price on Absci and gave the stock a "buy" rating in a research report on Tuesday, September 8th. Guggenheim reissued a "buy" rating on shares of Absci in a research note on Monday. Wall Street Zen upgraded shares of Absci from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research note on Friday, July 17th. Finally, HC Wainwright upped their target price on shares of Absci from $8.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $13.71.

Absci Company Profile

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company's capabilities include target discovery, protein design, antibody generation, and experimental validation.

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