Uniting Wealth Partners LLC Buys New Shares in Absci Corporation $ABSI

Uniting Wealth Partners LLC bought a new position in shares of Absci Corporation (NASDAQ:ABSI) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 89,250 shares of the company’s stock, valued at approximately $1,034,000. Uniting Wealth Partners LLC owned about 0.06% of Absci at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABSI. State Street Corp lifted its stake in Absci by 190.1% in the fourth quarter. State Street Corp now owns 5,990,877 shares of the company’s stock valued at $20,908,000 after acquiring an additional 3,925,926 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Absci during the 4th quarter worth about $8,201,000. Baker BROS. Advisors LP bought a new stake in shares of Absci in the 4th quarter valued at about $7,450,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Absci by 2,955.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock valued at $7,526,000 after purchasing an additional 2,085,501 shares during the period. Finally, Siren L.L.C. bought a new stake in shares of Absci in the 1st quarter valued at about $5,400,000. 52.05% of the stock is owned by institutional investors.

Absci Stock Performance

NASDAQ ABSI opened at $9.18 on Monday. The firm has a 50-day moving average of $8.85 and a 200-day moving average of $5.52. The stock has a market cap of $1.58 billion, a PE ratio of -11.47 and a beta of 2.35. Absci Corporation has a 52-week low of $2.24 and a 52-week high of $12.06.

Absci (NASDAQ:ABSI) last announced its earnings results on Tuesday, August 11th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. Absci had a negative return on equity of 61.71% and a negative net margin of 7,756.38%. As a group, analysts predict that Absci Corporation will post -0.71 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on ABSI. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Absci in a report on Wednesday, August 12th. BTIG Research restated a “buy” rating and issued a $13.00 price objective on shares of Absci in a research note on Wednesday, August 12th. Truist Financial raised their price objective on Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Guggenheim lifted their target price on Absci from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Finally, Leerink Partners began coverage on Absci in a research note on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price for the company. Eight 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 stock presently has an average rating of “Moderate Buy” and an average target price of $13.43.

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.