Nuveen LLC Makes New $1.25 Million Investment in Absci Corporation $ABSI

Key Points

• Nuveen LLC has acquired a new position in Absci Corporation, purchasing 498,504 shares valued at approximately $1.25 million, which amounts to about 0.39% ownership of the company.
• Absci recently reported a loss of $0.24 per share for the last quarter and generated revenue of just $0.59 million, falling short of analyst estimates.
• Insider Andreas Busch increased his holdings by acquiring 50,000 shares at an average cost of $3.04 per share, raising his ownership stake by 18.03%.

Nuveen LLC purchased a new position in Absci Corporation (NASDAQ:ABSI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 498,504 shares of the company's stock, valued at approximately $1,251,000. Nuveen LLC owned approximately 0.39% of Absci at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ABSI. JPMorgan Chase & Co. increased its holdings in shares of Absci by 15.4% in the fourth quarter. JPMorgan Chase & Co. now owns 56,986 shares of the company's stock worth $149,000 after acquiring an additional 7,607 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Absci by 42.1% in the fourth quarter. Wells Fargo & Company MN now owns 44,027 shares of the company's stock worth $115,000 after acquiring an additional 13,048 shares in the last quarter. Invesco Ltd. raised its stake in shares of Absci by 15.1% in the 4th quarter. Invesco Ltd. now owns 43,535 shares of the company's stock valued at $114,000 after purchasing an additional 5,719 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Absci in the fourth quarter valued at about $508,000. Finally, Mariner LLC bought a new stake in shares of Absci in the fourth quarter valued at about $62,000. 52.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wall Street Zen lowered Absci from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Needham & Company LLC cut their price target on Absci from $9.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, August 13th. Finally, Morgan Stanley cut their price target on Absci from $6.40 to $5.89 and set an "overweight" rating on the stock in a report on Monday, August 18th. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, Absci presently has a consensus rating of "Buy" and a consensus price target of $7.98.

Absci Stock Down 1.9%

Shares of NASDAQ:ABSI traded down $0.05 during midday trading on Thursday, reaching $2.34. The company had a trading volume of 1,460,459 shares, compared to its average volume of 4,648,085. The business's 50 day moving average price is $2.80 and its 200 day moving average price is $2.98. The stock has a market cap of $349.13 million, a PE ratio of -2.47 and a beta of 2.01. Absci Corporation has a 1-year low of $2.01 and a 1-year high of $6.33.

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

Insider Activity

In related news, insider Andreas Busch bought 50,000 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price of $3.04 per share, with a total value of $152,000.00. Following the completion of the transaction, the insider owned 327,264 shares in the company, valued at $994,882.56. The trade was a 18.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 10.49% of the company's stock.

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.