ADAR1 Capital Management LLC Decreases Stock Holdings in Absci Co. (NASDAQ:ABSI)

ADAR1 Capital Management LLC lowered its position in Absci Co. (NASDAQ:ABSI) by 84.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 157,665 shares of the company’s stock after selling 848,085 shares during the period. ADAR1 Capital Management LLC owned approximately 0.14% of Absci worth $413,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ABSI. Wells Fargo & Company MN increased its stake in Absci by 42.1% during the 4th quarter. Wells Fargo & Company MN now owns 44,027 shares of the company’s stock valued at $115,000 after purchasing an additional 13,048 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Absci by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,949,810 shares of the company’s stock valued at $5,110,000 after buying an additional 16,217 shares during the last quarter. Pier 88 Investment Partners LLC increased its position in shares of Absci by 55.2% in the 4th quarter. Pier 88 Investment Partners LLC now owns 211,210 shares of the company’s stock valued at $553,000 after acquiring an additional 75,090 shares during the period. Wellington Management Group LLP raised its stake in Absci by 1.1% in the 4th quarter. Wellington Management Group LLP now owns 352,805 shares of the company’s stock worth $924,000 after acquiring an additional 3,951 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in Absci by 119.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 30,733 shares of the company’s stock worth $81,000 after acquiring an additional 16,756 shares during the period. Institutional investors own 52.05% of the company’s stock.

Absci Stock Performance

NASDAQ ABSI opened at $2.28 on Monday. The stock has a market capitalization of $290.36 million, a price-to-earnings ratio of -2.45 and a beta of 2.22. The stock has a 50-day moving average of $3.75 and a 200 day moving average of $3.58. 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 twelve month low of $2.01 and a twelve month high of $6.72.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, March 18th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The business had revenue of $0.67 million for 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%. Sell-side analysts anticipate that Absci Co. will post -0.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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