Platinum Investment Management Ltd. Acquires New Position in Absci Corporation $ABSI

Platinum Investment Management Ltd. acquired a new stake in shares of Absci Corporation (NASDAQ:ABSI) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 237,764 shares of the company’s stock, valued at approximately $830,000. Platinum Investment Management Ltd. owned 0.16% of Absci at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ABSI. Quarry LP bought a new position in shares of Absci during the 3rd quarter valued at approximately $26,000. BNP Paribas Financial Markets grew its stake in shares of Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock valued at $29,000 after acquiring an additional 5,385 shares during the period. Legal & General Group Plc grew its stake in shares of Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock valued at $30,000 after acquiring an additional 3,678 shares during the period. Principal Financial Group Inc. bought a new position in shares of Absci during the 3rd quarter valued at approximately $31,000. Finally, Scientech Research LLC bought a new position in shares of Absci during the 3rd quarter valued at approximately $31,000. 52.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Morgan Stanley set a $4.10 price objective on Absci in a research note on Thursday, May 14th. Leerink Partners started coverage on Absci in a report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price target on the stock. BTIG Research started coverage on Absci in a report on Thursday, May 28th. They issued a “buy” rating and a $9.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Monday, April 20th. Finally, Truist Financial boosted their price target on Absci from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.52.

Absci Trading Up 4.5%

NASDAQ ABSI opened at $6.80 on Friday. The stock’s 50 day moving average is $4.90 and its 200 day moving average is $3.70. Absci Corporation has a 12 month low of $2.24 and a 12 month high of $7.39. The stock has a market cap of $1.06 billion, a PE ratio of -8.19 and a beta of 2.44.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The company had revenue of $0.22 million for the quarter, compared to analysts’ expectations of $1.39 million. On average, analysts forecast that Absci Corporation will post -0.72 EPS for the current fiscal year.

Absci Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.