Sumitomo Mitsui Trust Group Inc. Sells 78,004 Shares of Absci Corporation $ABSI

Sumitomo Mitsui Trust Group Inc. cut its stake in Absci Corporation (NASDAQ:ABSI) by 5.5% in the first quarter, Holdings Channel.com reports. The firm owned 1,346,774 shares of the company’s stock after selling 78,004 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Absci were worth $4,040,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ARK Investment Management LLC increased its holdings in Absci by 3.2% during the 4th quarter. ARK Investment Management LLC now owns 12,550,799 shares of the company’s stock worth $43,802,000 after purchasing an additional 388,026 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Absci by 12.9% in the third quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock valued at $22,137,000 after purchasing an additional 830,336 shares in the last quarter. State Street Corp grew its holdings in shares of Absci by 190.1% during the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after buying an additional 3,925,926 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Absci by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 3,239,623 shares of the company’s stock worth $11,309,000 after buying an additional 186,708 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Absci by 24.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,191,011 shares of the company’s stock valued at $9,701,000 after buying an additional 625,451 shares during the last quarter. 52.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price (up from $7.00) on shares of Absci in a research note on Wednesday, June 24th. Leerink Partners initiated coverage on shares of Absci in a research note on Thursday, June 4th. They set an “outperform” rating and a $12.00 price target for the company. Wall Street Zen downgraded shares of Absci from a “hold” rating to a “sell” rating in a report on Sunday. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a research report on Monday, April 20th. Finally, Morgan Stanley restated a “positive” rating and set a $10.00 target price on shares of Absci in a report on Thursday, June 25th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $13.43.

Absci Price Performance

Shares of NASDAQ ABSI opened at $10.24 on Wednesday. The business has a 50-day moving average of $7.61 and a 200-day moving average of $4.71. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -12.34 and a beta of 2.32. Absci Corporation has a fifty-two week low of $2.24 and a fifty-two week high of $12.06.

Absci (NASDAQ:ABSI) last released its earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.01. Absci had a negative return on equity of 66.32% and a negative net margin of 6,450.76%.The business had revenue of $0.21 million for the quarter, compared to analyst estimates of $1.39 million. On average, sell-side analysts expect that Absci Corporation will post -0.71 EPS for the current year.

Absci Company Profile

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.