Nuveen LLC Acquires New Position in Absci Corporation $ABSI

Nuveen LLC bought a new position in shares of Absci Corporation (NASDAQ:ABSI) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 498,504 shares of the company’s stock, valued at approximately $1,251,000. Nuveen LLC owned about 0.39% of Absci as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Virtu Financial LLC purchased a new stake in Absci in the 1st quarter worth approximately $118,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Absci by 187.7% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 88,404 shares of the company’s stock worth $222,000 after acquiring an additional 57,671 shares during the period. Momentous Wealth Management Inc. purchased a new stake in Absci in the 1st quarter worth approximately $82,000. Delap Wealth Advisory LLC purchased a new position in Absci during the first quarter worth approximately $49,000. Finally, ARK Investment Management LLC raised 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 purchasing an additional 2,689,153 shares during the period. 52.05% of the stock is owned by hedge funds and other institutional investors.

Absci Trading Down 3.2%

ABSI opened at $2.39 on Monday. The company has a fifty day simple moving average of $2.83 and a 200 day simple moving average of $3.01. The firm has a market cap of $357.35 million, a price-to-earnings ratio of -2.54 and a beta of 2.01. Absci Corporation has a twelve month low of $2.01 and a twelve month high of $6.33.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The firm had revenue of $0.59 million for the quarter, compared to analyst estimates of $1.39 million. Absci had a negative net margin of 2,737.94% and a negative return on equity of 60.21%. On average, analysts forecast that Absci Corporation will post -0.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Andreas Busch acquired 50,000 shares of the firm’s stock in a transaction on Monday, July 28th. The stock was bought at an average cost of $3.04 per share, with a total value of $152,000.00. Following the acquisition, the insider directly owned 327,264 shares in the company, valued at approximately $994,882.56. The trade was a 18.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 10.49% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Needham & Company LLC cut their price target on shares of Absci from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, August 13th. Wall Street Zen downgraded shares of Absci from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Finally, Morgan Stanley cut their target price on shares of Absci from $6.40 to $5.89 and set an “overweight” rating on the stock in a research note on Monday, August 18th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price 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.