Raymond James Financial Inc. Buys New Shares in Absci Co. (NASDAQ:ABSI)

Raymond James Financial Inc. purchased a new position in Absci Co. (NASDAQ:ABSI) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 193,926 shares of the company’s stock, valued at approximately $508,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. ARK Investment Management LLC grew its holdings in Absci by 30.4% in the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock valued at $21,657,000 after purchasing an additional 1,928,314 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Absci by 6.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company’s stock valued at $7,388,000 after purchasing an additional 123,896 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Absci by 28.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after buying an additional 253,985 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Absci by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 729,049 shares of the company’s stock valued at $1,910,000 after buying an additional 31,200 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of Absci by 44.8% during the 3rd quarter. Wellington Management Group LLP now owns 348,854 shares of the company’s stock worth $1,333,000 after buying an additional 107,980 shares during the last quarter. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Absci Stock Performance

Shares of ABSI stock opened at $2.32 on Tuesday. Absci Co. has a 12-month low of $2.01 and a 12-month high of $6.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63. The firm has a market capitalization of $295.46 million, a price-to-earnings ratio of -2.49 and a beta of 2.22. The business has a 50 day simple moving average of $3.72 and a 200 day simple moving average of $3.56.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results 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 net margin of 2,321.56% and a negative return on equity of 46.56%. The firm had revenue of $0.67 million for the quarter, compared to analyst estimates of $1.77 million. On average, equities research analysts anticipate that Absci Co. will post -0.89 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ABSI shares. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Absci in a report on Wednesday, March 19th. KeyCorp cut their price target on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a report 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 Thursday, March 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $9.00 price objective on shares of Absci in a research report on Wednesday, March 19th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $7.60.

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.