Sumitomo Mitsui Trust Group Inc. Has $3.75 Million Stock Position in Absci Corporation (NASDAQ:ABSI)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Absci Corporation (NASDAQ:ABSI - Free Report) by 30.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,493,865 shares of the company's stock after purchasing an additional 350,036 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 1.17% of Absci worth $3,750,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Nikko Asset Management Americas Inc. increased its position in Absci by 28.5% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company's stock worth $2,997,000 after buying an additional 253,985 shares during the last quarter. Two Sigma Investments LP increased its holdings in shares of Absci by 97.2% during the 4th quarter. Two Sigma Investments LP now owns 899,648 shares of the company's stock valued at $2,357,000 after acquiring an additional 443,410 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Absci during the 4th quarter valued at about $508,000. Platinum Investment Management Ltd. increased its holdings in shares of Absci by 20.5% during the 4th quarter. Platinum Investment Management Ltd. now owns 551,188 shares of the company's stock valued at $1,444,000 after acquiring an additional 93,785 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in Absci during the fourth quarter valued at approximately $336,000. 52.05% of the stock is owned by institutional investors and hedge funds.

Absci Stock Up 2.4%

ABSI stock opened at $2.76 on Friday. Absci Corporation has a twelve month low of $2.01 and a twelve month high of $6.33. The company has a market cap of $351.43 million, a PE ratio of -2.99 and a beta of 2.01. The business's 50-day simple moving average is $2.81 and its 200 day simple moving average is $3.19.

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

Analyst Ratings Changes

Several equities analysts have commented on ABSI shares. Wall Street Zen downgraded Absci from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. Needham & Company LLC reiterated a "buy" rating and issued a $9.00 target price on shares of Absci in a research note on Wednesday, May 14th. Guggenheim reaffirmed a "buy" rating and issued a $10.00 price target on shares of Absci in a research report on Thursday, March 20th. Morgan Stanley assumed coverage on Absci in a research report on Thursday. They issued an "overweight" rating and a $7.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of Absci in a research report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $8.40.

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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