Absci Co. (NASDAQ:ABSI) Stock Holdings Lessened by State Street Corp

State Street Corp lessened its holdings in shares of Absci Co. (NASDAQ:ABSI) by 0.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,928,748 shares of the company’s stock after selling 18,433 shares during the period. State Street Corp owned 1.68% of Absci worth $7,368,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ABSI. Polar Asset Management Partners Inc. acquired a new position in Absci in the third quarter valued at approximately $523,000. Fred Alger Management LLC lifted its holdings in shares of Absci by 4.3% in the 3rd quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock worth $28,904,000 after purchasing an additional 309,843 shares during the last quarter. Verition Fund Management LLC acquired a new position in Absci during the 3rd quarter valued at approximately $231,000. MetLife Investment Management LLC grew its stake in Absci by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 48,549 shares of the company’s stock worth $185,000 after buying an additional 27,355 shares during the last quarter. Finally, FMR LLC increased its position in Absci by 1.2% in the third quarter. FMR LLC now owns 12,727,760 shares of the company’s stock worth $48,620,000 after buying an additional 147,156 shares during the period. Institutional investors own 52.05% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ABSI shares. Guggenheim reissued a “buy” rating and set a $10.00 price target on shares of Absci in a report on Tuesday, December 3rd. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Absci in a research note on Friday, December 13th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $8.67.

Absci Price Performance

Shares of ABSI opened at $2.77 on Friday. Absci Co. has a one year low of $2.45 and a one year high of $6.72. The stock’s fifty day moving average is $3.42 and its 200-day moving average is $3.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The firm has a market capitalization of $318.15 million, a price-to-earnings ratio of -2.98 and a beta of 2.02.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05). The company had revenue of $1.70 million for the quarter, compared to analyst estimates of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. During the same period in the previous year, the business posted ($0.24) EPS. Equities analysts anticipate that Absci Co. will post -0.9 EPS for the current year.

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.