Sumitomo Mitsui Trust Group Inc. cut its stake in Absci Corporation (NASDAQ:ABSI – Free Report) by 5.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,346,774 shares of the company’s stock after selling 78,004 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.87% of Absci worth $4,040,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. HB Wealth Management LLC increased its stake in shares of Absci by 28.4% during the 1st quarter. HB Wealth Management LLC now owns 12,942 shares of the company’s stock worth $39,000 after purchasing an additional 2,862 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Absci by 45.9% in the second quarter. Legal & General Group Plc now owns 11,690 shares of the company’s stock worth $30,000 after purchasing an additional 3,678 shares during the period. Deutsche Bank AG lifted its holdings in shares of Absci by 5.6% during the fourth quarter. Deutsche Bank AG now owns 92,148 shares of the company’s stock worth $322,000 after buying an additional 4,892 shares during the last quarter. BNP Paribas Financial Markets increased its position in Absci by 91.2% during the second quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company’s stock worth $29,000 after acquiring an additional 5,385 shares during the period. Finally, Invesco Ltd. raised its stake in Absci by 14.3% during the 4th quarter. Invesco Ltd. now owns 54,550 shares of the company’s stock valued at $190,000 after purchasing an additional 6,826 shares during the last quarter. Institutional investors own 52.05% of the company’s stock.
Absci Price Performance
Absci stock opened at $10.24 on Wednesday. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -12.34 and a beta of 2.32. The company’s 50 day simple moving average is $7.61 and its 200 day simple moving average is $4.71. Absci Corporation has a fifty-two week low of $2.24 and a fifty-two week high of $12.06.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the stock. Guggenheim boosted their price objective on shares of Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 15th. HC Wainwright boosted their price target on shares of Absci from $8.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Leerink Partners began coverage on Absci in a research report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price target on the stock. BTIG Research raised their target price on Absci from $9.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. Eight 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, Absci currently has a consensus rating of “Moderate Buy” and an average price target of $13.43.
Get Our Latest Research Report on Absci
About Absci
Absci Corporation (NASDAQ: ABSI) is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company’s Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.
The core of Absci’s offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.
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