Bank of New York Mellon Corp Boosts Stake in Absci Co. (NASDAQ:ABSI)

Bank of New York Mellon Corp grew its position in shares of Absci Co. (NASDAQ:ABSI) by 521.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 285,764 shares of the company’s stock after acquiring an additional 239,747 shares during the quarter. Bank of New York Mellon Corp owned about 0.25% of Absci worth $880,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Comerica Bank acquired a new stake in Absci during the 1st quarter worth approximately $31,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Absci in the fourth quarter worth $42,000. Beacon Pointe Advisors LLC purchased a new position in shares of Absci in the 4th quarter valued at $42,000. SG Americas Securities LLC purchased a new position in shares of Absci in the 1st quarter valued at $63,000. Finally, Avantax Advisory Services Inc. acquired a new position in shares of Absci during the 1st quarter valued at $71,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ABSI. KeyCorp lowered their price target on Absci from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Thursday, July 11th. Morgan Stanley assumed coverage on Absci in a research note on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Thursday, August 15th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $8.40.

Absci Stock Up 0.2 %

Shares of Absci stock opened at $4.32 on Friday. Absci Co. has a 1-year low of $1.11 and a 1-year high of $6.72. The company has a market capitalization of $488.52 million, a PE ratio of -3.72 and a beta of 2.21. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.49 and a quick ratio of 6.49. The business has a 50-day moving average of $4.08 and a 200-day moving average of $4.41.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The business had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $2.05 million. Absci had a negative return on equity of 44.24% and a negative net margin of 2,838.89%. During the same quarter in the prior year, the firm earned ($0.27) earnings per share. As a group, equities analysts forecast that Absci Co. will post -0.8 EPS for the current fiscal 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.