Squarepoint Ops LLC Sells 228,841 Shares of Absci Corporation $ABSI

Key Points

• Squarepoint Ops LLC cut its Absci stake by 58.5% in the second quarter, selling 228,841 shares and retaining 162,449 shares worth approximately $1.88 million. Institutional investors collectively own 52.05% of the company.
• Absci reported weaker-than-expected quarterly results, with an adjusted loss of $0.21 per share versus the $0.19 consensus estimate and revenue of $0.32 million versus expectations of $0.92 million.
• Despite the earnings miss, analysts remain broadly positive: nine rate the stock a Buy and one a Sell, producing a “Moderate Buy” consensus and an average price target of $13.71, above its reported $8.09 opening price.

Squarepoint Ops LLC reduced its stake in Absci Corporation (NASDAQ:ABSI - Free Report) by 58.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 162,449 shares of the company's stock after selling 228,841 shares during the period. Squarepoint Ops LLC owned 0.09% of Absci worth $1,883,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. HB Wealth Management LLC lifted its stake in shares of Absci by 28.4% during the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company's stock worth $39,000 after buying an additional 2,862 shares during the last quarter. AXQ Capital LP boosted its holdings in shares of Absci by 10.5% during the 2nd quarter. AXQ Capital LP now owns 36,000 shares of the company's stock worth $417,000 after buying an additional 3,435 shares during the period. Essential Partners LLC grew its stake in Absci by 113,850.0% in the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company's stock valued at $27,000 after buying an additional 9,108 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Absci in the 1st quarter valued at about $31,000. Finally, Persistent Asset Partners Ltd bought a new position in Absci in the 2nd quarter valued at about $123,000. 52.05% of the stock is owned by institutional investors.

Absci Stock Performance

NASDAQ:ABSI opened at $8.09 on Tuesday. Absci Corporation has a 52 week low of $2.24 and a 52 week high of $12.06. The firm's 50-day simple moving average is $8.90 and its 200 day simple moving average is $6.43. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -10.11 and a beta of 2.42.

Absci (NASDAQ:ABSI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The business had revenue of $0.32 million during the quarter, compared to the consensus estimate of $0.92 million. Sell-side analysts anticipate that Absci Corporation will post -0.74 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ABSI shares. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Absci in a research report on Wednesday, August 12th. Leerink Partners initiated coverage on Absci in a research report on Thursday, June 4th. They issued an "outperform" rating and a $12.00 target price on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Absci in a research note on Friday, July 17th. Morgan Stanley reissued a "positive" rating and set a $10.00 price target on shares of Absci in a report on Thursday, June 25th. Finally, BTIG Research set a $15.00 price target on Absci and gave the company a "buy" rating in a research note on Tuesday, September 8th. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $13.71.

Absci Company Profile

Absci Corporation is a biotechnology company that uses artificial intelligence and integrated laboratory technologies to discover and develop new biologic medicines. Its platform combines generative artificial intelligence with biological data and wet-lab experimentation to design therapeutic proteins and antibodies, with the goal of improving the speed and efficiency of drug development.

The company's capabilities include target discovery, protein design, antibody generation, and experimental validation.

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