Cherry Creek Investment Advisors Inc. Takes Position in Absci Co. (NASDAQ:ABSI)

Cherry Creek Investment Advisors Inc. purchased a new stake in shares of Absci Co. (NASDAQ:ABSI) during the 3rd quarter, Holdings Channel reports. The fund purchased 39,099 shares of the company’s stock, valued at approximately $149,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Comerica Bank bought a new stake in shares of Absci during the 1st quarter valued at approximately $31,000. SG Americas Securities LLC bought a new stake in Absci during the 1st quarter worth approximately $63,000. Avantax Advisory Services Inc. bought a new stake in Absci during the 1st quarter worth approximately $71,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Absci during the 3rd quarter worth approximately $53,000. Finally, Cannon Global Investment Management LLC bought a new stake in Absci during the 1st quarter worth approximately $104,000. 52.05% of the stock is owned by institutional investors.

Absci Stock Performance

ABSI opened at $4.11 on Thursday. The company has a current ratio of 6.49, a quick ratio of 6.49 and a debt-to-equity ratio of 0.01. The company’s fifty day moving average price is $4.04 and its two-hundred day moving average price is $4.21. Absci Co. has a 1-year low of $1.11 and a 1-year high of $6.72. The company has a market cap of $464.78 million, a price-to-earnings ratio of -3.54 and a beta of 2.19.

Absci (NASDAQ:ABSI) last released its quarterly earnings results on Wednesday, August 14th. 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 2,838.89% and a negative return on equity of 44.24%. The firm had revenue of $1.27 million for the quarter, compared to the consensus estimate of $2.05 million. During the same period in the previous year, the business earned ($0.27) earnings per share. On average, analysts expect that Absci Co. will post -0.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. KeyCorp reduced their target price on shares of Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Morgan Stanley started coverage on shares of Absci in a research note on Wednesday, July 3rd. They issued an “overweight” rating and a $7.00 price objective on the stock. Guggenheim started coverage on shares of Absci in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $10.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Absci in a research note on Thursday, August 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $8.67.

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.