Fred Alger Management LLC Buys 309,843 Shares of Absci Co. (NASDAQ:ABSI)

Fred Alger Management LLC raised its stake in Absci Co. (NASDAQ:ABSI) by 4.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,566,618 shares of the company’s stock after buying an additional 309,843 shares during the period. Fred Alger Management LLC owned 6.66% of Absci worth $28,904,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ABSI. Comerica Bank acquired a new position in Absci in the 1st quarter worth about $31,000. Victory Capital Management Inc. grew its holdings in shares of Absci by 5.9% during the third quarter. Victory Capital Management Inc. now owns 150,562 shares of the company’s stock worth $575,000 after purchasing an additional 8,388 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Absci by 119.5% in the third quarter. Farther Finance Advisors LLC now owns 18,876 shares of the company’s stock valued at $72,000 after buying an additional 10,275 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Absci by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 697,849 shares of the company’s stock valued at $2,666,000 after buying an additional 11,602 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Absci during the 3rd quarter worth approximately $53,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on ABSI. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Absci in a research note on Wednesday, November 13th. Guggenheim began coverage on Absci in a research report on Wednesday, October 2nd. They set a “buy” rating and a $10.00 target price for the company. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $8.67.

Absci Trading Up 3.7 %

NASDAQ:ABSI opened at $3.05 on Friday. Absci Co. has a 52 week low of $1.57 and a 52 week high of $6.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The firm’s fifty day moving average is $3.72 and its 200-day moving average is $3.91. The firm has a market cap of $350.32 million, a P/E ratio of -3.28 and a beta of 2.18.

Absci (NASDAQ:ABSI) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The firm had revenue of $1.70 million for the quarter, compared to the consensus estimate of $1.77 million. During the same period last year, the company posted ($0.24) EPS. Equities analysts expect that Absci Co. will post -0.9 earnings per share for the current year.

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.