Millennium Management LLC Sells 1,149,603 Shares of Absci Corporation (NASDAQ:ABSI)

Millennium Management LLC cut its holdings in shares of Absci Corporation (NASDAQ:ABSI - Free Report) by 97.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,226 shares of the company's stock after selling 1,149,603 shares during the quarter. Millennium Management LLC's holdings in Absci were worth $66,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. BNP Paribas Financial Markets bought a new position in Absci during the fourth quarter worth $28,000. Verdence Capital Advisors LLC acquired a new stake in Absci in the 4th quarter worth $37,000. Mariner LLC bought a new position in shares of Absci during the 4th quarter worth about $62,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Absci by 14.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,333 shares of the company's stock worth $77,000 after purchasing an additional 3,747 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Absci by 119.9% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 30,733 shares of the company's stock valued at $81,000 after buying an additional 16,756 shares during the last quarter. 52.05% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Wall Street Zen downgraded Absci from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. Needham & Company LLC reiterated a "buy" rating and issued a $9.00 price objective on shares of Absci in a research report on Wednesday, May 14th. Guggenheim reissued a "buy" rating and set a $10.00 price objective on shares of Absci in a report on Thursday, March 20th. KeyCorp boosted 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. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $7.00 target price on shares of Absci in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.40.

Absci Stock Down 3.9%

Shares of ABSI stock traded down $0.11 on Tuesday, reaching $2.71. The stock had a trading volume of 3,126,262 shares, compared to its average volume of 2,807,477. Absci Corporation has a 12 month low of $2.01 and a 12 month high of $6.33. The firm has a market capitalization of $345.69 million, a price-to-earnings ratio of -2.95 and a beta of 2.06. The firm's 50-day moving average is $2.89 and its two-hundred day moving average is $3.25.

Absci (NASDAQ:ABSI - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share 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 for the quarter, compared to analysts' expectations of $1.07 million. On average, sell-side analysts forecast that Absci Corporation will post -0.89 earnings per share for the current fiscal year.

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.