Siren L.L.C. Takes $5.40 Million Position in Absci Corporation $ABSI

Key Points

• Siren L.L.C. opened a new position in Absci during the first quarter, buying 1.8 million shares worth about $5.4 million. The stake represents roughly 1.15% of the company.
• Absci continues to attract heavy institutional ownership, with firms like ARK Investment Management, Vanguard, and State Street increasing their holdings. Overall, institutional investors now own about 52.05% of the stock.
• Wall Street remains broadly optimistic: several analysts raised price targets and the consensus rating is Moderate Buy with an average target of $13.43. Absci also beat EPS estimates in its latest quarter, though revenue fell well short of expectations.

Siren L.L.C. purchased a new stake in shares of Absci Corporation (NASDAQ:ABSI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,800,000 shares of the company's stock, valued at approximately $5,400,000. Siren L.L.C. owned approximately 1.15% of Absci as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. ARK Investment Management LLC boosted its holdings in shares of Absci by 3.2% in the fourth quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company's stock worth $43,802,000 after buying an additional 388,026 shares during the last quarter. Vanguard Group Inc. increased its holdings in Absci by 12.9% during the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company's stock valued at $22,137,000 after buying an additional 830,336 shares during the last quarter. State Street Corp increased its holdings in Absci by 190.1% during the fourth quarter. State Street Corp now owns 5,990,877 shares of the company's stock valued at $20,908,000 after buying an additional 3,925,926 shares during the last quarter. Geode Capital Management LLC raised its position in Absci by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company's stock worth $11,309,000 after acquiring an additional 186,708 shares during the period. Finally, Ameriprise Financial Inc. raised its position in Absci by 24.4% in the third quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company's stock worth $9,701,000 after acquiring an additional 625,451 shares during the period. 52.05% of the stock is owned by institutional investors.

Absci Price Performance

Shares of NASDAQ:ABSI opened at $8.07 on Friday. Absci Corporation has a 1-year low of $2.24 and a 1-year high of $12.06. The company has a market capitalization of $1.26 billion, a P/E ratio of -9.72 and a beta of 2.32. The firm's 50 day simple moving average is $8.00 and its two-hundred day simple moving average is $4.95.

Absci (NASDAQ:ABSI - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.01. The firm had revenue of $0.21 million during the quarter, compared to analysts' expectations of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. On average, sell-side analysts anticipate that Absci Corporation will post -0.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ABSI has been the subject of a number of recent research reports. Needham & Company LLC reissued a "buy" rating and set a $11.00 price objective (up from $7.00) on shares of Absci in a research report on Wednesday, June 24th. HC Wainwright raised their target price on Absci from $8.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. BTIG Research lifted their target price on Absci from $9.00 to $13.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Guggenheim lifted their target price on Absci from $10.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, June 15th. Finally, Wall Street Zen lowered Absci from a "hold" rating to a "sell" rating in a report on Sunday, July 12th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.43.

About Absci

Absci Corporation NASDAQ: ABSI is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company's Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci's offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.

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