Pier 88 Investment Partners LLC Grows Stock Position in Absci Co. (NASDAQ:ABSI)

Pier 88 Investment Partners LLC boosted its position in shares of Absci Co. (NASDAQ:ABSI) by 55.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 211,210 shares of the company’s stock after buying an additional 75,090 shares during the quarter. Pier 88 Investment Partners LLC owned 0.18% of Absci worth $553,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Intech Investment Management LLC bought a new stake in shares of Absci in the 3rd quarter worth about $86,000. Charles Schwab Investment Management Inc. lifted its stake in Absci by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 697,849 shares of the company’s stock worth $2,666,000 after purchasing an additional 11,602 shares during the last quarter. FMR LLC boosted its position in shares of Absci by 1.2% during the third quarter. FMR LLC now owns 12,727,760 shares of the company’s stock valued at $48,620,000 after buying an additional 147,156 shares during the period. MetLife Investment Management LLC grew its stake in shares of Absci by 129.1% during the third quarter. MetLife Investment Management LLC now owns 48,549 shares of the company’s stock valued at $185,000 after buying an additional 27,355 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Absci in the third quarter worth approximately $231,000. Institutional investors own 52.05% of the company’s stock.

Absci Stock Performance

Shares of Absci stock opened at $2.70 on Monday. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average price is $3.87 and its 200-day moving average price is $3.63. The firm has a market cap of $343.80 million, a P/E ratio of -2.90 and a beta of 2.09. Absci Co. has a 12 month low of $2.45 and a 12 month high of $6.72.

Absci (NASDAQ:ABSI) last posted its earnings results on Tuesday, March 18th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The business had revenue of $0.67 million for the quarter, compared to analysts’ expectations of $1.77 million. On average, equities research analysts expect that Absci Co. will post -0.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ABSI. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Absci in a report on Wednesday, March 19th. Guggenheim reissued a “buy” rating and set a $10.00 target price on shares of Absci in a research note on Thursday, March 20th. KeyCorp reduced their price target on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $9.00 price objective on shares of Absci in a research report on Wednesday, March 19th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $7.60.

About Absci

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.