ADAR1 Capital Management LLC Sells 848,085 Shares of Absci Co. (NASDAQ:ABSI)

ADAR1 Capital Management LLC lowered its holdings in Absci Co. (NASDAQ:ABSI - Free Report) by 84.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 157,665 shares of the company's stock after selling 848,085 shares during the period. ADAR1 Capital Management LLC owned about 0.14% of Absci worth $413,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new position in shares of Absci in the 3rd quarter valued at about $86,000. Charles Schwab Investment Management Inc. grew its stake in Absci by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 697,849 shares of the company's stock valued at $2,666,000 after purchasing an additional 11,602 shares in the last quarter. FMR LLC increased its position in shares of Absci by 1.2% during the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company's stock worth $48,620,000 after purchasing an additional 147,156 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of 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 purchasing an additional 27,355 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of Absci in the 3rd quarter valued at approximately $231,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Stock Performance

Shares of NASDAQ ABSI traded up $0.57 during mid-day trading on Friday, reaching $3.02. 7,162,662 shares of the company were exchanged, compared to its average volume of 2,517,749. The stock has a market capitalization of $384.61 million, a P/E ratio of -3.25 and a beta of 2.22. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The company's 50-day simple moving average is $3.56 and its 200-day simple moving average is $3.50. Absci Co. has a twelve month low of $2.01 and a twelve month high of $6.33.

Absci (NASDAQ:ABSI - Get Free Report) last issued its quarterly earnings data on Tuesday, March 18th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The company had revenue of $0.67 million for the quarter, compared to analyst estimates of $1.77 million. As a group, research analysts predict that Absci Co. will post -0.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and set a $9.00 target price on shares of Absci in a report on Wednesday. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 target price on shares of Absci in a report on Wednesday, March 19th. KeyCorp cut their target price on shares of Absci from $6.00 to $5.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Finally, Guggenheim reissued a "buy" rating and set a $10.00 price target on shares of Absci in a research report on Thursday, March 20th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $7.60.

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.