Institute for Wealth Management LLC. Cuts Position in Absci Co. (NASDAQ:ABSI)

Institute for Wealth Management LLC. decreased its position in shares of Absci Co. (NASDAQ:ABSI) by 5.3% during the fourth quarter, HoldingsChannel reports. The firm owned 465,240 shares of the company’s stock after selling 26,008 shares during the period. Institute for Wealth Management LLC.’s holdings in Absci were worth $1,219,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its stake in shares of Absci by 15.1% during the third quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock worth $24,210,000 after acquiring an additional 833,734 shares in the last quarter. Fred Alger Management LLC grew its holdings in shares of Absci by 4.3% during the 3rd quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock valued at $28,904,000 after purchasing an additional 309,843 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Absci during the 3rd quarter valued at $724,000. Bank of Montreal Can purchased a new position in Absci in the 2nd quarter worth $527,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Absci by 21.6% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,844 shares of the company’s stock worth $3,399,000 after purchasing an additional 158,086 shares during the last quarter. Institutional investors own 52.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ABSI. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Absci in a research note on Friday, January 17th. Needham & Company LLC assumed coverage on Absci in a research report on Wednesday, January 22nd. They set a “buy” rating and a $9.00 price target on the stock. KeyCorp lowered their price objective on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Finally, Guggenheim restated a “buy” rating and issued a $10.00 target price on shares of Absci in a report on Tuesday, December 3rd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Absci currently has a consensus rating of “Buy” and an average target price of $8.57.

Absci Stock Performance

ABSI opened at $3.82 on Friday. Absci Co. has a one year low of $2.45 and a one year high of $6.72. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. The business has a 50 day simple moving average of $3.19 and a two-hundred day simple moving average of $3.69.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. The company had revenue of $1.70 million during the quarter, compared to the consensus estimate of $1.77 million. During the same period in the previous year, the company earned ($0.24) earnings per share. As a group, equities research analysts anticipate that Absci Co. will post -0.89 earnings per share for the current fiscal 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.