Absci Corporation $ABSI Stock: Sumitomo Mitsui Trust Group Inc. Reduces Holdings

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Absci Corporation (NASDAQ:ABSI) by 8.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 938,036 shares of the company’s stock after selling 87,789 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.55% of Absci worth $10,103,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Essential Partners LLC boosted its position in shares of Absci by 113,850.0% during the 1st quarter. Essential Partners LLC now owns 9,116 shares of the company’s stock worth $27,000 after purchasing an additional 9,108 shares in the last quarter. Principal Financial Group Inc. bought a new stake in Absci in the 1st quarter valued at about $31,000. HB Wealth Management LLC increased its position in Absci by 28.4% in the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock valued at $39,000 after buying an additional 2,862 shares in the last quarter. Sterling Capital Management LLC raised its stake in Absci by 433.7% during the 3rd quarter. Sterling Capital Management LLC now owns 4,622 shares of the company’s stock worth $50,000 after buying an additional 3,756 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in Absci during the 2nd quarter worth approximately $53,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Absci Price Performance

Shares of NASDAQ ABSI traded up $0.78 during trading on Friday, reaching $10.17. 4,156,529 shares of the stock traded hands, compared to its average volume of 4,068,960. Absci Corporation has a 52-week low of $2.24 and a 52-week high of $12.54. The company has a 50-day moving average of $9.57 and a 200-day moving average of $6.64. The stock has a market capitalization of $1.75 billion, a P/E ratio of -12.71 and a beta of 2.22.

Absci (NASDAQ:ABSI) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. The firm had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $0.92 million. Analysts expect that Absci Corporation will post -0.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ABSI has been the subject of a number of research reports. BTIG Research set a $15.00 price objective on Absci and gave the company a “buy” rating in a research note on Tuesday, September 8th. Jefferies Financial Group assumed coverage on Absci in a research report on Thursday, October 29th. They set a “buy” rating and a $14.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a report on Thursday, October 15th. HC Wainwright reiterated a “buy” rating on shares of Absci in a report on Tuesday, October 20th. Finally, KeyCorp lifted their price target on shares of Absci from $16.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, October 16th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

Absci Company Profile

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company’s technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.