21,442 Shares in Absci Co. (NASDAQ:ABSI) Bought by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. acquired a new position in shares of Absci Co. (NASDAQ:ABSI) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 21,442 shares of the company’s stock, valued at approximately $122,000.

Several other hedge funds have also modified their holdings of ABSI. Hsbc Holdings PLC grew its position in shares of Absci by 153.8% during the fourth quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock worth $1,769,000 after buying an additional 247,019 shares in the last quarter. Beacon Pointe Advisors LLC acquired a new position in Absci in the fourth quarter worth about $42,000. Jump Financial LLC acquired a new stake in Absci during the fourth quarter valued at approximately $67,000. Raymond James Financial Services Advisors Inc. bought a new position in Absci during the 4th quarter worth approximately $135,000. Finally, Nations Financial Group Inc. IA ADV acquired a new position in shares of Absci in the 4th quarter worth approximately $42,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Absci Stock Performance

Shares of NASDAQ:ABSI opened at $3.02 on Monday. Absci Co. has a 52 week low of $1.11 and a 52 week high of $6.72. The firm’s 50 day moving average is $4.54 and its two-hundred day moving average is $4.46. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.19 and a current ratio of 7.19.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). Absci had a negative net margin of 2,042.01% and a negative return on equity of 44.60%. The company had revenue of $0.90 million for the quarter, compared to the consensus estimate of $2.50 million. During the same quarter in the prior year, the firm earned ($0.26) earnings per share. As a group, analysts expect that Absci Co. will post -0.8 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Truist Financial reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Absci in a report on Tuesday, March 26th. Scotiabank reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Absci in a research report on Monday, March 25th. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Wednesday, May 15th. Finally, KeyCorp increased their price target on Absci from $5.00 to $8.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th.

Insider Buying and Selling

In other Absci news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the completion of the transaction, the insider now directly owns 11,279,522 shares of the company’s stock, valued at approximately $49,629,896.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $4.40, for a total transaction of $13,640,000.00. Following the completion of the sale, the insider now directly owns 11,279,522 shares of the company’s stock, valued at $49,629,896.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Zachariah Jonasson sold 19,859 shares of Absci stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $4.98, for a total transaction of $98,897.82. Following the completion of the transaction, the chief financial officer now owns 384,751 shares in the company, valued at approximately $1,916,059.98. The disclosure for this sale can be found here. 9.81% of the stock is owned by corporate insiders.

Absci Company 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.