Institute for Wealth Management LLC. Trims Holdings in Absci Corporation (NASDAQ:ABSI)

Institute for Wealth Management LLC. reduced its position in shares of Absci Corporation (NASDAQ:ABSI - Free Report) by 68.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm 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 institutional investors and hedge funds have also bought and sold shares of ABSI. BNP Paribas Financial Markets bought a new position in shares of Absci during the 4th quarter worth $28,000. Verdence Capital Advisors LLC purchased a new stake in Absci in the fourth quarter worth about $37,000. Mariner LLC bought a new position in Absci during the 4th quarter worth about $62,000. Price T Rowe Associates Inc. MD increased its position in Absci by 14.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,333 shares of the company's stock valued at $77,000 after purchasing an additional 3,747 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Absci by 119.9% in the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 30,733 shares of the company's stock valued at $81,000 after purchasing an additional 16,756 shares in the last quarter. 52.05% of the stock is owned by institutional investors.

Absci Stock Performance

ABSI stock traded up $0.05 on Tuesday, hitting $2.81. 3,768,546 shares of the company's stock were exchanged, compared to its average volume of 2,844,719. The firm has a 50 day moving average price of $2.89 and a two-hundred day moving average price of $3.25. Absci Corporation has a 12-month low of $2.01 and a 12-month high of $6.33. The stock has a market cap of $358.44 million, a P/E ratio of -3.05 and a beta of 2.06.

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

Wall Street Analyst Weigh In

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