Bank of Montreal Can Takes Position in Absci Co. (NASDAQ:ABSI)

Bank of Montreal Can acquired a new position in Absci Co. (NASDAQ:ABSI) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 167,959 shares of the company’s stock, valued at approximately $527,000. Bank of Montreal Can owned about 0.15% of Absci at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ABSI. ARK Investment Management LLC grew its position in Absci by 68.0% in the second quarter. ARK Investment Management LLC now owns 5,503,888 shares of the company’s stock worth $16,952,000 after buying an additional 2,226,794 shares during the last quarter. Affinity Asset Advisors LLC bought a new stake in shares of Absci during the 1st quarter worth $5,822,000. Vanguard Group Inc. raised its position in shares of Absci by 33.7% during the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock worth $19,569,000 after purchasing an additional 869,131 shares during the period. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Absci during the first quarter valued at $2,390,000. Finally, Nikko Asset Management Americas Inc. acquired a new position in shares of Absci in the 1st quarter valued at $2,386,000. 52.05% of the stock is currently owned by institutional investors.

Absci Stock Up 0.5 %

ABSI stock opened at $3.94 on Wednesday. The company has a 50 day moving average of $4.00 and a two-hundred day moving average of $4.32. The company has a market cap of $445.55 million, a price-to-earnings ratio of -3.38 and a beta of 2.19. Absci Co. has a 12-month low of $1.11 and a 12-month high of $6.72. The company has a quick ratio of 6.49, a current ratio of 6.49 and a debt-to-equity ratio of 0.01.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.03). Absci had a negative return on equity of 44.24% and a negative net margin of 2,838.89%. The firm had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $2.05 million. During the same quarter in the prior year, the business posted ($0.27) earnings per share. On average, equities analysts anticipate that Absci Co. will post -0.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ABSI has been the topic of several recent analyst reports. Morgan Stanley began coverage on Absci in a report on Wednesday, July 3rd. They set an “overweight” rating and a $7.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Absci in a research report on Thursday, August 15th. KeyCorp lowered their price objective on shares of Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Finally, Guggenheim initiated coverage on Absci in a report on Wednesday, October 2nd. They issued a “buy” rating and a $10.00 target price for the company. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $8.67.

Absci Company 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.