Hennion & Walsh Asset Management Inc. Acquires New Position in Absci Corporation $ABSI

Hennion & Walsh Asset Management Inc. purchased a new stake in Absci Corporation (NASDAQ:ABSI) in the second quarter, Holdings Channel reports. The firm purchased 81,441 shares of the company’s stock, valued at approximately $944,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Siren L.L.C. purchased a new position in Absci during the first quarter valued at approximately $5,400,000. Baker BROS. Advisors LP purchased a new stake in Absci in the fourth quarter valued at about $7,450,000. UBS Group AG boosted its stake in Absci by 35.4% in the 4th quarter. UBS Group AG now owns 2,699,505 shares of the company’s stock worth $9,421,000 after purchasing an additional 706,396 shares in the last quarter. Platinum Investment Management Ltd. acquired a new stake in shares of Absci during the fourth quarter worth $830,000. Finally, Bank of America Corp DE grew its stake in Absci by 55.2% during the 1st quarter. Bank of America Corp DE now owns 487,193 shares of the company’s stock valued at $1,462,000 after purchasing an additional 173,361 shares during the last quarter. 52.05% of the stock is currently owned by institutional investors.

Absci Stock Performance

NASDAQ:ABSI opened at $9.46 on Friday. Absci Corporation has a fifty-two week low of $2.24 and a fifty-two week high of $12.06. The company has a 50 day moving average price of $8.79 and a 200 day moving average price of $5.47. The stock has a market capitalization of $1.62 billion, a P/E ratio of -11.83 and a beta of 2.35.

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). The firm had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $0.92 million. Absci had a negative net margin of 7,756.38% and a negative return on equity of 66.21%. Research analysts forecast that Absci Corporation will post -0.71 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. HC Wainwright increased their price objective on shares of Absci from $8.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Leerink Partners initiated coverage on Absci in a research report on Thursday, June 4th. They set an “outperform” rating and a $12.00 target price on the stock. BTIG Research reiterated a “buy” rating and set a $13.00 price objective on shares of Absci in a research note on Wednesday. Wall Street Zen lowered shares of Absci from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Finally, Truist Financial lifted their price objective on Absci from $11.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $13.43.

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.