Royce & Associates LP Increases Stock Position in Absci Corporation (NASDAQ:ABSI)

Royce & Associates LP increased its position in shares of Absci Corporation (NASDAQ:ABSI - Free Report) by 38.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,218,799 shares of the company's stock after buying an additional 336,703 shares during the period. Royce & Associates LP owned 0.96% of Absci worth $3,059,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new stake in Absci during the first quarter worth $5,792,000. Geode Capital Management LLC lifted its holdings in Absci by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,949,810 shares of the company's stock valued at $5,110,000 after purchasing an additional 16,217 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings 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 purchasing an additional 350,036 shares in the last quarter. Two Sigma Investments LP lifted its holdings in Absci by 97.2% during the fourth quarter. Two Sigma Investments LP now owns 899,648 shares of the company's stock valued at $2,357,000 after purchasing an additional 443,410 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Absci by 47.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 750,719 shares of the company's stock valued at $1,967,000 after purchasing an additional 241,779 shares in the last quarter. 52.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on ABSI shares. Needham & Company LLC reaffirmed a "buy" rating and set a $9.00 price objective on shares of Absci in a report on Wednesday, May 14th. Wall Street Zen downgraded shares of Absci from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. KeyCorp increased their price objective on shares of Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. Finally, Morgan Stanley began coverage on shares of Absci in a report on Thursday, July 3rd. They set an "overweight" rating and a $7.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $8.40.

Absci Stock Down 17.7%

Shares of NASDAQ ABSI opened at $2.89 on Monday. The firm has a 50-day simple moving average of $2.83 and a 200-day simple moving average of $3.19. The stock has a market capitalization of $368.65 million, a price-to-earnings ratio of -3.14 and a beta of 2.01. 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 earnings results on Tuesday, May 13th. The company reported ($0.21) EPS for the quarter, beating analysts' consensus estimates of ($0.23) by $0.02. The business had revenue of $1.18 million during the quarter, compared to analysts' expectations of $1.07 million. Absci had a negative net margin of 2,232.13% and a negative return on equity of 53.69%. As a group, equities research analysts expect that Absci Corporation will post -0.89 EPS for the current 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.

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