Absci Co. (NASDAQ:ABSI) Position Trimmed by Royce & Associates LP

Royce & Associates LP reduced its holdings in Absci Co. (NASDAQ:ABSI) by 19.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 154,191 shares of the company’s stock after selling 38,302 shares during the quarter. Royce & Associates LP owned approximately 0.14% of Absci worth $589,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Comerica Bank bought a new position in Absci in the first quarter worth about $31,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Absci during the 3rd quarter valued at approximately $53,000. SG Americas Securities LLC bought a new position in Absci during the 1st quarter worth $63,000. Avantax Advisory Services Inc. acquired a new stake in Absci in the first quarter worth $71,000. Finally, Farther Finance Advisors LLC lifted its stake in Absci by 119.5% in the third quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after buying an additional 10,275 shares during the last quarter. 52.05% of the stock is owned by institutional investors and hedge funds.

Absci Stock Performance

Shares of ABSI opened at $2.68 on Thursday. The firm has a market capitalization of $307.81 million, a PE ratio of -2.88 and a beta of 2.18. 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 firm has a 50-day moving average price of $3.86 and a 200 day moving average price of $4.00. Absci Co. has a 52-week low of $1.33 and a 52-week high of $6.72.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The firm had revenue of $1.70 million during the quarter, compared to analyst estimates of $1.77 million. During the same quarter last year, the company earned ($0.24) earnings per share. On average, sell-side analysts anticipate that Absci Co. will post -0.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Guggenheim assumed coverage on shares of Absci in a report on Wednesday, October 2nd. They issued a “buy” rating and a $10.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Absci in a research note on Wednesday, November 13th. Six equities research 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 price target of $8.67.

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.