Fred Alger Management LLC Lowers Stock Position in Absci Co. (NASDAQ:ABSI)

Fred Alger Management LLC lessened its position in shares of Absci Co. (NASDAQ:ABSI - Free Report) by 14.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,505,423 shares of the company's stock after selling 1,061,195 shares during the quarter. Fred Alger Management LLC owned about 5.66% of Absci worth $17,044,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ABSI. Price T Rowe Associates Inc. MD increased its stake in Absci by 14.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,333 shares of the company's stock valued at $77,000 after purchasing an additional 3,747 shares in the last quarter. Wellington Management Group LLP increased its stake in Absci by 1.1% during the 4th quarter. Wellington Management Group LLP now owns 352,805 shares of the company's stock valued at $924,000 after purchasing an additional 3,951 shares in the last quarter. Rhumbline Advisers increased its stake in Absci by 4.2% during the 4th quarter. Rhumbline Advisers now owns 114,152 shares of the company's stock valued at $299,000 after purchasing an additional 4,593 shares in the last quarter. Invesco Ltd. increased its stake in Absci by 15.1% during the 4th quarter. Invesco Ltd. now owns 43,535 shares of the company's stock valued at $114,000 after purchasing an additional 5,719 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Absci by 14.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company's stock valued at $189,000 after purchasing an additional 6,409 shares in the last quarter. Institutional investors own 52.05% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ABSI shares. Guggenheim restated a "buy" rating and set a $10.00 price target on shares of Absci in a research note on Thursday, March 20th. KeyCorp upped their price target on shares of Absci from $5.00 to $9.00 and gave the company an "overweight" rating in a research note on Wednesday, April 16th. Needham & Company LLC restated a "buy" rating and set a $9.00 price target on shares of Absci in a research note on Wednesday, April 9th. Finally, HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Absci in a research note on Wednesday, March 19th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Absci presently has a consensus rating of "Buy" and a consensus price target of $8.40.

Absci Stock Performance

Shares of ABSI stock traded down $0.05 during trading hours on Friday, hitting $2.75. The company's stock had a trading volume of 2,105,936 shares, compared to its average volume of 2,632,590. The company has a 50 day moving average of $2.89 and a 200 day moving average of $3.37. The stock has a market cap of $350.76 million, a PE ratio of -2.96 and a beta of 2.19. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. Absci Co. has a 12-month low of $2.01 and a 12-month high of $6.33.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings data on Tuesday, March 18th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $0.67 million during the quarter, compared to analysts' expectations of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. On average, sell-side analysts forecast that Absci Co. will post -0.89 EPS for the current fiscal 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.