ARK Investment Management LLC Acquires 833,734 Shares of Absci Co. (NASDAQ:ABSI)

ARK Investment Management LLC raised its position in shares of Absci Co. (NASDAQ:ABSI - Free Report) by 15.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,337,622 shares of the company's stock after acquiring an additional 833,734 shares during the period. ARK Investment Management LLC owned approximately 5.58% of Absci worth $24,210,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Affinity Asset Advisors LLC acquired a new stake in shares of Absci in the first quarter valued at approximately $5,822,000. Vanguard Group Inc. boosted its holdings in Absci by 33.7% in the 1st quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company's stock valued at $19,569,000 after purchasing an additional 869,131 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Absci during the 1st quarter worth approximately $2,390,000. Marshall Wace LLP increased its position in Absci by 23.3% during the 2nd quarter. Marshall Wace LLP now owns 1,833,902 shares of the company's stock worth $5,648,000 after purchasing an additional 347,079 shares in the last quarter. Finally, Institute for Wealth Management LLC. increased its position in shares of Absci by 110.3% during the second quarter. Institute for Wealth Management LLC. now owns 510,902 shares of the company's stock worth $1,574,000 after buying an additional 268,019 shares during the period. Institutional investors own 52.05% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ABSI. KeyCorp lowered their target price on shares of Absci from $8.00 to $6.00 and set an "overweight" rating for the company in a report on Thursday, July 11th. Guggenheim started coverage on shares of Absci in a report on Wednesday, October 2nd. They set a "buy" rating and a $10.00 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of Absci in a research report on Thursday, August 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $8.67.

Absci Stock Performance

Shares of Absci stock traded up $0.04 on Friday, reaching $4.07. 837,552 shares of the company were exchanged, compared to its average volume of 1,315,357. The company's 50-day moving average is $3.99 and its two-hundred day moving average is $4.10. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.49 and a current ratio of 6.49. The firm has a market cap of $462.19 million, a price-to-earnings ratio of -4.33 and a beta of 2.18. Absci Co. has a 1-year low of $1.18 and a 1-year high of $6.72.

Absci (NASDAQ:ABSI - Get Free Report) last posted 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). The firm had revenue of $1.27 million for the quarter, compared to analyst estimates of $2.05 million. Absci had a negative return on equity of 44.24% and a negative net margin of 2,838.89%. During the same period in the prior year, the company posted ($0.27) EPS. As a group, research analysts expect that Absci Co. will post -0.8 earnings per share for the current fiscal year.

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.