ARK Investment Management LLC Increases Stake in Absci Corporation $ABSI

ARK Investment Management LLC raised its stake in shares of Absci Corporation (NASDAQ:ABSI) by 21.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,162,773 shares of the company’s stock after purchasing an additional 2,116,845 shares during the quarter. ARK Investment Management LLC owned about 8.13% of Absci worth $36,975,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ABSI. Rhumbline Advisers raised its stake in shares of Absci by 37.5% in the second quarter. Rhumbline Advisers now owns 153,554 shares of the company’s stock worth $395,000 after purchasing an additional 41,847 shares during the last quarter. Vanguard Group Inc. raised its position in Absci by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 7,281,918 shares of the company’s stock worth $22,137,000 after buying an additional 830,336 shares during the last quarter. Woodline Partners LP lifted its stake in Absci by 32.9% during the 1st quarter. Woodline Partners LP now owns 1,391,245 shares of the company’s stock valued at $3,492,000 after acquiring an additional 344,270 shares during the period. Marshall Wace LLP acquired a new stake in Absci during the 2nd quarter valued at approximately $1,575,000. Finally, Lazard Asset Management LLC boosted its holdings in shares of Absci by 22.2% in the 2nd quarter. Lazard Asset Management LLC now owns 366,906 shares of the company’s stock valued at $942,000 after acquiring an additional 66,556 shares during the last quarter. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Sean Mcclain sold 26,761 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $2.99, for a total value of $80,015.39. Following the transaction, the chief executive officer directly owned 8,334,567 shares of the company’s stock, valued at approximately $24,920,355.33. This trade represents a 0.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 10.49% of the company’s stock.

Absci Stock Up 3.5%

ABSI opened at $2.66 on Thursday. The firm’s fifty day simple moving average is $3.03 and its two-hundred day simple moving average is $3.19. Absci Corporation has a 52-week low of $2.01 and a 52-week high of $5.23. The company has a market cap of $399.98 million, a price-to-earnings ratio of -2.96 and a beta of 2.12.

Analysts Set New Price Targets

ABSI has been the subject of several recent research reports. Morgan Stanley cut shares of Absci from an “overweight” rating to an “equal weight” rating and set a $4.32 target price for the company. in a report on Thursday, January 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Wednesday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Friday, December 12th. Finally, HC Wainwright lifted their price target on Absci from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Absci currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.66.

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.