Sumitomo Mitsui Trust Group Inc. Cuts Stock Position in Absci Corporation $ABSI

Sumitomo Mitsui Trust Group Inc. cut its holdings in Absci Corporation (NASDAQ:ABSI) by 2.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,461,729 shares of the company’s stock after selling 32,136 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Absci were worth $3,757,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pier 88 Investment Partners LLC grew its holdings in shares of Absci by 43.8% in the first quarter. Pier 88 Investment Partners LLC now owns 303,670 shares of the company’s stock valued at $762,000 after purchasing an additional 92,460 shares in the last quarter. ARK Investment Management LLC boosted its stake in Absci by 32.5% during the first quarter. ARK Investment Management LLC now owns 10,955,089 shares of the company’s stock worth $27,497,000 after buying an additional 2,689,153 shares during the period. Nuveen LLC purchased a new position in Absci during the first quarter worth $1,251,000. Massachusetts Financial Services Co. MA purchased a new position in Absci during the first quarter worth $5,792,000. Finally, Nikko Asset Management Americas Inc. boosted its stake in Absci by 30.6% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,493,865 shares of the company’s stock worth $3,735,000 after buying an additional 350,036 shares during the period. 52.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Absci news, CAO Todd Bedrick purchased 10,000 shares of Absci stock in a transaction dated Monday, September 22nd. The stock was acquired at an average price of $2.70 per share, for a total transaction of $27,000.00. Following the acquisition, the chief accounting officer owned 180,428 shares in the company, valued at $487,155.60. This trade represents a 5.87% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Menelas N. Pangalos purchased 95,785 shares of Absci stock in a transaction dated Monday, September 22nd. The stock was acquired at an average price of $2.66 per share, with a total value of $254,788.10. Following the acquisition, the director owned 113,960 shares in the company, valued at approximately $303,133.60. This represents a 527.02% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 10.49% of the company’s stock.

Absci Stock Down 6.4%

NASDAQ:ABSI opened at $4.09 on Friday. Absci Corporation has a 1-year low of $2.01 and a 1-year high of $6.33. The company has a 50-day moving average of $3.26 and a 200 day moving average of $3.01.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. The business had revenue of $0.59 million during the quarter, compared to the consensus estimate of $1.39 million. As a group, analysts expect that Absci Corporation will post -0.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on ABSI. JPMorgan Chase & Co. began coverage on shares of Absci in a research note on Thursday, October 2nd. They set an “overweight” rating for the company. Needham & Company LLC dropped their price target on shares of Absci from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, August 13th. Morgan Stanley dropped their price target on shares of Absci from $6.40 to $5.89 and set an “overweight” rating for the company in a research note on Monday, August 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Absci in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Absci from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.98.

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.