Amova Asset Management Americas Inc. Sells 78,004 Shares of Absci Corporation $ABSI

Amova Asset Management Americas Inc. trimmed its position in Absci Corporation (NASDAQ:ABSI) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,346,774 shares of the company’s stock after selling 78,004 shares during the quarter. Amova Asset Management Americas Inc. owned about 0.87% of Absci worth $4,040,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of ABSI. State Street Corp lifted its position in Absci by 190.1% during the 4th quarter. State Street Corp now owns 5,990,877 shares of the company’s stock worth $20,908,000 after acquiring an additional 3,925,926 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new position in shares of Absci in the fourth quarter worth about $8,201,000. Baker BROS. Advisors LP acquired a new position in shares of Absci during the 4th quarter worth about $7,450,000. Price T Rowe Associates Inc. MD lifted its position in shares of Absci by 2,955.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,156,067 shares of the company’s stock worth $7,526,000 after purchasing an additional 2,085,501 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Absci by 12.9% during the 3rd 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 during the period. 52.05% of the stock is owned by institutional investors.

Absci Stock Performance

ABSI opened at $8.32 on Wednesday. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -10.02 and a beta of 2.32. The firm’s 50-day simple moving average is $7.89 and its 200-day simple moving average is $4.88. Absci Corporation has a twelve month low of $2.24 and a twelve month high of $12.06.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.01. The firm had revenue of $0.21 million during the quarter, compared to the consensus estimate of $1.39 million. Absci had a negative net margin of 6,450.76% and a negative return on equity of 66.32%. As a group, sell-side analysts anticipate that Absci Corporation will post -0.71 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ABSI. Leerink Partners started coverage on Absci in a research report on Thursday, June 4th. They issued an “outperform” rating and a $12.00 price objective for the company. Morgan Stanley restated a “positive” rating and issued a $10.00 price target on shares of Absci in a research report on Thursday, June 25th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective (up from $7.00) on shares of Absci in a report on Wednesday, June 24th. BTIG Research upped their price objective on shares of Absci from $9.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Truist Financial increased their target price on shares of Absci from $11.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.43.

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.