Absci Corporation (NASDAQ:ABSI) Position Increased by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. increased its stake in Absci Corporation by 30.6% during the first quarter, acquiring an additional 350,036 shares, now holding approximately 1.17% of the company valued at $3.73 million.
• Absci reported earnings for the quarter, with an EPS of ($0.21), exceeding expectations, while its revenue reached $1.18 million, surpassing the estimated $1.07 million.
• Analysts have differing opinions on Absci's stock, with price targets ranging from $5 to $9, and a consensus rating of "Moderate Buy."

Nikko Asset Management Americas Inc. lifted its stake in Absci Corporation (NASDAQ:ABSI - Free Report) by 30.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,493,865 shares of the company's stock after purchasing an additional 350,036 shares during the quarter. Nikko Asset Management Americas Inc. owned about 1.17% of Absci worth $3,735,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABSI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Absci by 4.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,800 shares of the company's stock worth $120,000 after purchasing an additional 1,976 shares during the period. Ballentine Partners LLC grew its position in Absci by 35.8% in the 1st quarter. Ballentine Partners LLC now owns 14,153 shares of the company's stock valued at $36,000 after acquiring an additional 3,729 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position 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 in the last quarter. Wellington Management Group LLP lifted its stake in 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 purchasing an additional 3,951 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Absci by 15.1% during the fourth quarter. Invesco Ltd. now owns 43,535 shares of the company's stock worth $114,000 after purchasing an additional 5,719 shares during the last quarter. 52.05% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Absci news, insider Andreas Busch acquired 50,000 shares of the stock in a transaction on Monday, July 28th. The stock was purchased at an average price of $3.04 per share, for a total transaction of $152,000.00. Following the purchase, the insider directly owned 327,264 shares in the company, valued at $994,882.56. This trade represents a 18.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.49% of the stock is currently owned by company insiders.

Absci Stock Performance

Shares of ABSI stock traded up $0.09 during trading hours on Wednesday, reaching $3.04. The company had a trading volume of 4,902,527 shares, compared to its average volume of 4,701,065. Absci Corporation has a twelve month low of $2.01 and a twelve month high of $6.33. The company has a market capitalization of $387.14 million, a P/E ratio of -3.30 and a beta of 2.01. The stock's fifty day simple moving average is $2.83 and its 200 day simple moving average is $3.19.

Absci (NASDAQ:ABSI - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.23) by $0.02. Absci had a negative return on equity of 53.69% and a negative net margin of 2,232.13%. The business had revenue of $1.18 million during the quarter, compared to analyst estimates of $1.07 million. As a group, equities analysts expect that Absci Corporation will post -0.89 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ABSI shares. Wall Street Zen lowered Absci from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. Morgan Stanley reduced their price objective on Absci from $7.00 to $6.40 and set an "overweight" rating on the stock in a research report on Monday. Needham & Company LLC restated a "buy" rating and issued a $9.00 price objective on shares of Absci in a research report on Wednesday, May 14th. Finally, KeyCorp increased their target price on Absci from $5.00 to $9.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $8.28.

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.