Pier 88 Investment Partners LLC lifted its position in shares of Absci Corporation (NASDAQ:ABSI - Free Report) by 43.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 303,670 shares of the company's stock after acquiring an additional 92,460 shares during the period. Pier 88 Investment Partners LLC owned 0.24% of Absci worth $762,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA bought a new position in Absci in the 1st quarter valued at about $5,792,000. Ballentine Partners LLC lifted its stake in Absci by 35.8% during the first quarter. Ballentine Partners LLC now owns 14,153 shares of the company's stock valued at $36,000 after buying an additional 3,729 shares in the last quarter. Alpha Cubed Investments LLC lifted its stake in Absci by 100.0% during the first quarter. Alpha Cubed Investments LLC now owns 20,000 shares of the company's stock valued at $50,000 after buying an additional 10,000 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake 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 valued at $3,750,000 after buying an additional 350,036 shares in the last quarter. Finally, AssuredPartners Investment Advisors LLC purchased a new stake in Absci during the first quarter valued at about $29,000. Institutional investors own 52.05% of the company's stock.
Absci Stock Performance
ABSI traded down $0.04 during midday trading on Tuesday, reaching $3.48. 2,323,676 shares of the company were exchanged, compared to its average volume of 3,039,737. Absci Corporation has a one year low of $2.01 and a one year high of $6.33. The stock has a market capitalization of $443.27 million, a P/E ratio of -3.76 and a beta of 2.01. The stock's 50-day simple moving average is $2.78 and its 200 day simple moving average is $3.18.
Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate 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. On average, research analysts anticipate that Absci Corporation will post -0.89 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on ABSI. Wall Street Zen downgraded Absci from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. KeyCorp increased their price objective on Absci from $5.00 to $9.00 and gave the stock an "overweight" rating in a report on Wednesday, April 16th. Morgan Stanley started coverage on Absci in a report on Thursday, July 3rd. They issued an "overweight" rating and a $7.00 price objective on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $9.00 price target on shares of Absci in a report on Wednesday, May 14th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, Absci presently has a consensus rating of "Moderate Buy" and an average target price of $8.40.
Check Out Our Latest Research Report on Absci
Absci Company Profile
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding ABSI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Absci Corporation (NASDAQ:ABSI - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Absci, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Absci wasn't on the list.
While Absci currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
