ARK Investment Management LLC Lowers Stake in Absci Corporation $ABSI

Key Points

• ARK Investment Management LLC has reduced its stake in Absci Corporation by 8.3%, owning approximately 10 million shares worth about $25.8 million as of the latest financial filings.
• Absci reported a quarterly loss of $0.24 EPS, missing analyst estimates, and generated revenue of only $0.59 million compared to a consensus estimate of $1.39 million.
• Absci's stock ratings vary, with six analysts giving it a Buy rating and one a Sell rating, resulting in an average target price of $7.98 and a current consensus rating of "Moderate Buy."

ARK Investment Management LLC lessened its position in shares of Absci Corporation (NASDAQ:ABSI - Free Report) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,045,928 shares of the company's stock after selling 909,161 shares during the period. ARK Investment Management LLC owned approximately 7.88% of Absci worth $25,818,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ABSI. Massachusetts Financial Services Co. MA purchased a new stake in Absci during the first quarter valued at about $5,792,000. Nuveen LLC purchased a new stake in Absci during the first quarter valued at about $1,251,000. Sumitomo Mitsui Trust Group Inc. grew 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 valued at $3,750,000 after acquiring an additional 350,036 shares during the period. Nikko Asset Management Americas Inc. boosted its position in shares of Absci by 30.6% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,493,865 shares of the company's stock worth $3,735,000 after buying an additional 350,036 shares during the period. Finally, Woodline Partners LP boosted its position in shares of Absci by 32.9% in the first quarter. Woodline Partners LP now owns 1,391,245 shares of the company's stock worth $3,492,000 after buying an additional 344,270 shares during the period. Hedge funds and other institutional investors own 52.05% of the company's stock.

Absci Stock Performance

NASDAQ:ABSI opened at $4.61 on Wednesday. The business's 50-day simple moving average is $3.05 and its 200 day simple moving average is $2.93. Absci Corporation has a one year low of $2.01 and a one year high of $6.33. The stock has a market cap of $689.29 million, a price-to-earnings ratio of -4.90 and a beta of 2.06.

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

Analyst Upgrades and Downgrades

ABSI has been the subject of several analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Absci in a research report on Wednesday, October 8th. Morgan Stanley decreased their target price on Absci from $6.40 to $5.89 and set an "overweight" rating for the company in a research report on Monday, August 18th. Wall Street Zen downgraded Absci from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Needham & Company LLC decreased their target price on Absci from $9.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, August 13th. Finally, JPMorgan Chase & Co. initiated coverage on Absci in a research report on Thursday, October 2nd. They issued an "overweight" rating for the company. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $7.98.

Insiders Place Their Bets

In other news, CAO Todd Bedrick bought 10,000 shares of Absci stock in a transaction on Monday, September 22nd. The shares were bought at an average price of $2.70 per share, with a total value of $27,000.00. Following the acquisition, the chief accounting officer directly owned 180,428 shares in the company, valued at approximately $487,155.60. This represents a 5.87% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andreas Busch purchased 50,000 shares of the company's stock in a transaction dated Monday, July 28th. The shares were bought at an average price of $3.04 per share, for a total transaction of $152,000.00. Following the completion of the transaction, the insider directly owned 327,264 shares in the company, valued at approximately $994,882.56. This trade represents a 18.03% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 155,785 shares of company stock valued at $433,788 in the last quarter. Insiders own 10.49% of the company's stock.

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.

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