Institute for Wealth Management LLC. Sells 319,448 Shares of Absci Corporation (NASDAQ:ABSI)

Institute for Wealth Management LLC. reduced its stake in Absci Corporation (NASDAQ:ABSI - Free Report) by 68.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 145,792 shares of the company's stock after selling 319,448 shares during the quarter. Institute for Wealth Management LLC. owned about 0.11% of Absci worth $366,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ABSI. ARK Investment Management LLC boosted its stake in Absci by 30.4% in the 4th quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company's stock worth $21,657,000 after purchasing an additional 1,928,314 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its stake in shares of Absci by 28.5% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company's stock worth $2,997,000 after buying an additional 253,985 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of Absci by 97.2% in the fourth quarter. Two Sigma Investments LP now owns 899,648 shares of the company's stock worth $2,357,000 after buying an additional 443,410 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Absci in the fourth quarter worth approximately $508,000. Finally, Platinum Investment Management Ltd. lifted its position in Absci by 20.5% in the 4th quarter. Platinum Investment Management Ltd. now owns 551,188 shares of the company's stock valued at $1,444,000 after acquiring an additional 93,785 shares in the last quarter. 52.05% of the stock is owned by institutional investors.

Absci Stock Performance

Shares of NASDAQ:ABSI opened at $2.79 on Friday. The stock's 50-day simple moving average is $2.90 and its two-hundred day simple moving average is $3.24. The stock has a market capitalization of $355.89 million, a price-to-earnings ratio of -3.03 and a beta of 2.06. Absci Corporation has a 52-week low of $2.01 and a 52-week high of $6.33.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.02. Absci had a negative net margin of 2,232.13% and a negative return on equity of 53.69%. The firm had revenue of $1.18 million for the quarter, compared to analysts' expectations of $1.07 million. As a group, equities analysts forecast that Absci Corporation will post -0.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ABSI shares. KeyCorp upped their price objective on Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a research report on Wednesday, April 16th. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of Absci in a report on Wednesday, March 19th. Wall Street Zen upgraded shares of Absci from a "sell" rating to a "hold" rating in a research note on Saturday. Guggenheim restated a "buy" rating and set a $10.00 target price on shares of Absci in a research note on Thursday, March 20th. Finally, Needham & Company LLC restated a "buy" rating and set a $9.00 target price on shares of Absci in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $8.40.

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.

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.