Absci Co. (NASDAQ:ABSI) Shares Purchased by Redmile Group LLC

Redmile Group LLC lifted its stake in Absci Co. (NASDAQ:ABSI) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,253,316 shares of the company’s stock after acquiring an additional 222,222 shares during the period. Absci accounts for approximately 1.7% of Redmile Group LLC’s holdings, making the stock its 21st biggest position. Redmile Group LLC owned approximately 7.30% of Absci worth $46,879,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Absci during the first quarter worth approximately $2,390,000. Capstone Investment Advisors LLC acquired a new stake in shares of Absci in the first quarter valued at $1,477,000. Hsbc Holdings PLC boosted its stake in Absci by 153.8% during the fourth quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock valued at $1,769,000 after buying an additional 247,019 shares in the last quarter. Nikko Asset Management Americas Inc. bought a new position in Absci during the first quarter valued at about $2,386,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Absci in the first quarter worth about $269,000. 52.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ABSI. Morgan Stanley started coverage on shares of Absci in a research report on Wednesday, July 3rd. They set an “overweight” rating and a $7.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Absci in a report on Wednesday, May 15th. Finally, KeyCorp decreased their target price on Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $8.40.

Absci Trading Down 0.4 %

Shares of NASDAQ:ABSI traded down $0.02 during mid-day trading on Monday, hitting $4.46. The stock had a trading volume of 847,939 shares, compared to its average volume of 1,523,630. Absci Co. has a 12-month low of $1.11 and a 12-month high of $6.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.19 and a current ratio of 7.19. The company has a market cap of $504.34 million, a PE ratio of -3.84 and a beta of 2.20. The company’s 50 day moving average is $3.92 and its 200-day moving average is $4.50.

Absci (NASDAQ:ABSI) last issued its earnings results on Monday, May 13th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The business had revenue of $0.90 million during the quarter, compared to analyst estimates of $2.50 million. Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. During the same period last year, the business earned ($0.26) EPS. On average, sell-side analysts predict that Absci Co. will post -0.8 EPS for the current year.

Insider Buying and Selling at Absci

In other news, CFO Zachariah Jonasson sold 19,859 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $4.98, for a total value of $98,897.82. Following the completion of the sale, the chief financial officer now directly owns 384,751 shares of the company’s stock, valued at $1,916,059.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Zachariah Jonasson sold 19,859 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $4.98, for a total transaction of $98,897.82. Following the completion of the sale, the chief financial officer now directly owns 384,751 shares in the company, valued at $1,916,059.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total value of $13,640,000.00. Following the completion of the transaction, the insider now owns 11,279,522 shares in the company, valued at approximately $49,629,896.80. The disclosure for this sale can be found here. Company insiders own 9.81% of the company’s stock.

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.