Salem Investment Counselors Inc. Invests $122,000 in Absci Co. (NASDAQ:ABSI)

Salem Investment Counselors Inc. acquired a new position in shares of Absci Co. (NASDAQ:ABSI) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 21,442 shares of the company’s stock, valued at approximately $122,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Nations Financial Group Inc. IA ADV bought a new position in shares of Absci in the 4th quarter valued at $42,000. Beacon Pointe Advisors LLC acquired a new stake in shares of Absci during the 4th quarter valued at $42,000. Jump Financial LLC acquired a new position in Absci during the 4th quarter worth about $67,000. Dimension Capital Management LLC acquired a new position in Absci during the 3rd quarter worth about $28,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in Absci during the 4th quarter worth about $135,000. Institutional investors own 52.05% of the company’s stock.

Absci Price Performance

Shares of Absci stock opened at $3.02 on Monday. The company has a quick ratio of 7.19, a current ratio of 7.19 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $4.54 and a 200 day simple moving average of $4.46. Absci Co. has a one year low of $1.11 and a one year high of $6.72.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). The company had revenue of $0.90 million for the quarter, compared to the consensus estimate 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 in the prior year, the firm posted ($0.26) earnings per share. As a group, analysts anticipate that Absci Co. will post -0.8 earnings per share for the current fiscal year.

Insider Transactions at Absci

In other Absci news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of Absci 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 sale, the insider now owns 11,279,522 shares of the company’s stock, valued at $49,629,896.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Absci news, CFO Zachariah Jonasson sold 19,859 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $4.98, for a total value of $98,897.82. Following 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 accessible through this link. Also, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the business’s stock in a transaction on 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 sale, the insider now owns 11,279,522 shares in the company, valued at $49,629,896.80. The disclosure for this sale can be found here. Company insiders own 9.81% of the company’s stock.

Analysts Set New Price Targets

ABSI has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Absci in a report on Wednesday, May 15th. Scotiabank reissued an “outperform” rating and issued a $13.00 price objective on shares of Absci in a research report on Monday, March 25th. Truist Financial reaffirmed a “buy” rating and issued a $9.00 target price on shares of Absci in a research report on Tuesday, March 26th. Finally, KeyCorp boosted their target price on Absci from $5.00 to $8.00 and gave the company an “overweight” rating in a research report on Monday, March 4th.

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.