King Luther Capital Management Corp Acquires Shares of 77,520 Absci Co. (NASDAQ:ABSI)

King Luther Capital Management Corp bought a new position in shares of Absci Co. (NASDAQ:ABSI) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 77,520 shares of the company’s stock, valued at approximately $296,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ABSI. Redmile Group LLC grew its stake in Absci by 2.8% during the 1st quarter. Redmile Group LLC now owns 8,253,316 shares of the company’s stock valued at $46,879,000 after purchasing an additional 222,222 shares in the last quarter. ARK Investment Management LLC boosted its stake in shares of Absci by 15.1% during the 3rd quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock valued at $24,210,000 after buying an additional 833,734 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Absci by 33.7% during the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock worth $19,569,000 after buying an additional 869,131 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Absci by 23.3% in the second quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock worth $5,648,000 after buying an additional 347,079 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Absci by 21.6% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,844 shares of the company’s stock valued at $3,399,000 after acquiring an additional 158,086 shares in the last quarter. 52.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ABSI. Guggenheim assumed coverage on shares of Absci in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $10.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Absci in a report on Wednesday, November 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $8.67.

Absci Stock Performance

ABSI stock opened at $2.56 on Friday. Absci Co. has a 1 year low of $1.35 and a 1 year high of $6.72. The stock has a market capitalization of $294.04 million, a price-to-earnings ratio of -2.75 and a beta of 2.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The stock’s fifty day moving average is $3.81 and its two-hundred day moving average is $3.97.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The firm had revenue of $1.70 million during the quarter, compared to the consensus estimate of $1.77 million. During the same quarter in the prior year, the business earned ($0.24) earnings per share. On average, research analysts predict that Absci Co. will post -0.9 EPS for the current year.

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.