Platinum Investment Management Ltd. Boosts Holdings in Absci Co. (NASDAQ:ABSI)

Platinum Investment Management Ltd. raised its stake in shares of Absci Co. (NASDAQ:ABSI) by 124.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,306,668 shares of the company’s stock after purchasing an additional 725,144 shares during the period. Platinum Investment Management Ltd.’s holdings in Absci were worth $1,986,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY purchased a new position in Absci during the first quarter valued at $33,000. Ameritas Investment Partners Inc. lifted its holdings in Absci by 305.3% during the first quarter. Ameritas Investment Partners Inc. now owns 4,312 shares of the company’s stock valued at $36,000 after purchasing an additional 3,248 shares in the last quarter. Royal Bank of Canada lifted its holdings in Absci by 91.4% during the first quarter. Royal Bank of Canada now owns 8,916 shares of the company’s stock valued at $75,000 after purchasing an additional 4,258 shares in the last quarter. Two Sigma Advisers LP purchased a new position in shares of Absci in the third quarter worth about $34,000. Finally, Invesco Ltd. purchased a new position in shares of Absci in the first quarter worth about $96,000. 36.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ABSI shares. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Absci in a research note on Wednesday, November 15th. Truist Financial reissued a “buy” rating and issued a $10.00 price target on shares of Absci in a research note on Wednesday, August 16th.

Absci Price Performance

Shares of NASDAQ:ABSI traded down $0.08 during midday trading on Tuesday, hitting $1.39. The company’s stock had a trading volume of 65,128 shares, compared to its average volume of 492,167. Absci Co. has a 12-month low of $1.11 and a 12-month high of $3.63. The company has a market cap of $128.72 million, a P/E ratio of -1.26 and a beta of 1.28. The business’s 50 day simple moving average is $1.37 and its 200 day simple moving average is $1.60. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.81 and a current ratio of 4.82.

Absci Company Profile

Absci Corporation operates as a generative AI drug creation company in the United States. Its integrated drug creation platform identifies novel drug targets and creates biotherapeutic candidates. The company was founded in 2011 and is headquartered in Vancouver, Washington.