Sumitomo Mitsui Trust Group Inc. Sells 87,789 Shares of Absci Corporation $ABSI

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Absci Corporation (NASDAQ:ABSI) by 8.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 938,036 shares of the company’s stock after selling 87,789 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Absci were worth $10,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in ABSI. BlackRock Inc. bought a new position in shares of Absci in the second quarter worth $141,112,000. Parkman Healthcare Partners LLC purchased a new stake in Absci during the 2nd quarter worth about $10,366,000. Bank of America Corp DE purchased a new stake in Absci during the 2nd quarter worth about $6,560,000. Siren L.L.C. purchased a new stake in Absci during the 1st quarter worth about $5,400,000. Finally, Artia Global Partners LP bought a new position in Absci in the 2nd quarter worth about $5,383,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on ABSI. Wall Street Zen raised Absci from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Absci in a report on Thursday, October 15th. Jefferies Financial Group assumed coverage on shares of Absci in a report on Thursday, October 29th. They issued a “buy” rating and a $14.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Absci in a research report on Wednesday, September 23rd. Finally, Lifesci Capital assumed coverage on shares of Absci in a research note on Wednesday, September 9th. They set an “outperform” rating for the company. Eleven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Absci currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

Absci Stock Up 8.3%

Shares of ABSI stock traded up $0.78 on Friday, reaching $10.17. The company’s stock had a trading volume of 4,156,529 shares, compared to its average volume of 4,068,960. Absci Corporation has a 12-month low of $2.24 and a 12-month high of $12.54. The company has a market capitalization of $1.75 billion, a P/E ratio of -12.71 and a beta of 2.22. The stock’s 50 day simple moving average is $9.57 and its 200-day simple moving average is $6.64.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The business had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. Research analysts expect that Absci Corporation will post -0.76 EPS for the current year.

About Absci

Absci Corporation (NASDAQ: ABSI) is a biotechnology company that uses generative artificial intelligence and advanced biotechnology to discover and develop new medicines. Its integrated drug creation platform combines computational design with laboratory-based validation to identify potential therapeutic candidates, with a focus on biologics such as antibodies and other protein-based medicines.

The company’s technology is designed to support the creation of novel drug candidates from the earliest stages of discovery through preclinical development.