Rhumbline Advisers Grows Stake in Absci Co. (NASDAQ:ABSI)

Rhumbline Advisers raised its holdings in shares of Absci Co. (NASDAQ:ABSI) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 114,152 shares of the company’s stock after purchasing an additional 4,593 shares during the period. Rhumbline Advisers owned 0.10% of Absci worth $299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in shares of Absci by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock valued at $189,000 after buying an additional 6,409 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Absci by 5.9% in the third quarter. Victory Capital Management Inc. now owns 150,562 shares of the company’s stock valued at $575,000 after purchasing an additional 8,388 shares during the period. PCA Investment Advisory Services Inc. acquired a new position in shares of Absci in the fourth quarter valued at about $26,000. Alpha Cubed Investments LLC purchased a new position in shares of Absci in the fourth quarter worth about $26,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Absci by 119.5% during the third quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock worth $72,000 after purchasing an additional 10,275 shares during the period. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Stock Performance

NASDAQ:ABSI opened at $3.12 on Monday. Absci Co. has a fifty-two week low of $2.45 and a fifty-two week high of $6.72. 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 company has a 50 day moving average price of $3.85 and a 200 day moving average price of $3.75. The stock has a market capitalization of $358.35 million, a P/E ratio of -3.35 and a beta of 2.09.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ABSI. KeyCorp cut their price objective on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Guggenheim reaffirmed a “buy” rating and set a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. Needham & Company LLC assumed coverage on Absci in a report on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Friday, January 17th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $8.57.

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.