Sumitomo Mitsui Trust Group Inc. Raises Stock Holdings in Absci Corporation (NASDAQ:ABSI)

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Absci Corporation (NASDAQ:ABSI - Free Report) by 30.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,493,865 shares of the company's stock after buying an additional 350,036 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 1.17% of Absci worth $3,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. acquired a new position in Absci during the 1st quarter valued at about $26,000. BNP Paribas Financial Markets purchased a new stake in Absci during the 4th quarter valued at about $28,000. AssuredPartners Investment Advisors LLC purchased a new stake in Absci during the 1st quarter valued at about $29,000. Verdence Capital Advisors LLC purchased a new stake in Absci during the 4th quarter valued at about $37,000. Finally, Synergy Asset Management LLC purchased a new stake in Absci during the 1st quarter valued at about $38,000. 52.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on ABSI shares. Wall Street Zen downgraded Absci from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Needham & Company LLC reiterated a "buy" rating and set a $9.00 price target on shares of Absci in a research note on Wednesday, May 14th. KeyCorp boosted their price target on Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a research note on Wednesday, April 16th. Guggenheim reiterated a "buy" rating and set a $10.00 price target on shares of Absci in a research note on Thursday, March 20th. Finally, Morgan Stanley started coverage on Absci in a research note on Thursday, July 3rd. They set an "overweight" rating and a $7.00 price target on the stock. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $8.40.

Absci Stock Performance

Absci stock traded up $0.06 during midday trading on Tuesday, hitting $2.64. 4,264,087 shares of the company were exchanged, compared to its average volume of 2,906,506. The firm has a market capitalization of $336.76 million, a PE ratio of -2.87 and a beta of 2.01. Absci Corporation has a fifty-two week low of $2.01 and a fifty-two week high of $6.33. The business has a fifty day simple moving average of $2.79 and a two-hundred day simple moving average of $3.18.

Absci (NASDAQ:ABSI - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.02. The firm had revenue of $1.18 million for the quarter, compared to analyst estimates of $1.07 million. Absci had a negative return on equity of 53.69% and a negative net margin of 2,232.13%. As a group, equities analysts expect that Absci Corporation will post -0.89 earnings per share for the current year.

Absci Company 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.