Redmile Group LLC Buys 222,222 Shares of Absci Co. (NASDAQ:ABSI)

Redmile Group LLC lifted its position in shares of Absci Co. (NASDAQ:ABSI) by 2.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,253,316 shares of the company’s stock after purchasing an additional 222,222 shares during the period. Absci accounts for 1.7% of Redmile Group LLC’s portfolio, making the stock its 21st largest holding. Redmile Group LLC owned 0.07% of Absci worth $46,879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. D Orazio & Associates Inc. grew its holdings in Absci by 27.3% in the 1st quarter. D Orazio & Associates Inc. now owns 28,000 shares of the company’s stock valued at $159,000 after buying an additional 6,000 shares in the last quarter. Nations Financial Group Inc. IA ADV bought a new position in shares of Absci during the fourth quarter valued at $42,000. Beacon Pointe Advisors LLC acquired a new position in shares of Absci in the fourth quarter worth approximately $42,000. SG Americas Securities LLC acquired a new position in Absci in the first quarter valued at $63,000. Finally, Avantax Advisory Services Inc. acquired a new position in Absci in the first quarter valued at approximately $71,000. Institutional investors own 52.05% of the company’s stock.

Absci Stock Down 0.4 %

Shares of ABSI traded down $0.02 during mid-day trading on Monday, reaching $4.46. The company had a trading volume of 847,939 shares, compared to its average volume of 1,523,630. Absci Co. has a 52 week low of $1.11 and a 52 week high of $6.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.19 and a current ratio of 7.19. The firm has a 50-day moving average price of $3.92 and a 200 day moving average price of $4.50. The company has a market capitalization of $504.34 million, a price-to-earnings ratio of -3.84 and a beta of 2.20.

Absci (NASDAQ:ABSI) last posted its earnings results on Monday, May 13th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. The business had revenue of $0.90 million during the quarter, compared to the consensus estimate of $2.50 million. During the same period in the previous year, the business posted ($0.26) EPS. On average, sell-side analysts forecast that Absci Co. will post -0.8 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on ABSI. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Wednesday, May 15th. KeyCorp dropped their target price on shares of Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Finally, Morgan Stanley began coverage on shares of Absci in a report on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Absci currently has a consensus rating of “Buy” and an average price target of $8.40.

Insider Buying and Selling at Absci

In related news, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the business’s 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 in the company, valued at $49,629,896.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Absci news, 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 value of $98,897.82. Following the sale, the chief financial officer now owns 384,751 shares of the company’s stock, valued at approximately $1,916,059.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Phoenix Venture Partners Ii Lp sold 3,100,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 11,279,522 shares in the company, valued at $49,629,896.80. The disclosure for this sale can be found here. Company insiders own 9.81% of the company’s stock.

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.