Barclays PLC Increases Holdings in Absci Co. Stock by Over 379%

Barclays PLC has significantly increased its investment in Absci Co. (NASDAQ:ABSI) during the third quarter of the year. According to reports from HoldingsChannel.com, Barclays raised its stake by an impressive 379.6%, acquiring a total of 131,504 shares of Absci's stock. This included the purchase of an additional 104,083 shares throughout the quarter, bringing the total value of their holdings to approximately $503,000 by the end of the reporting period.

In addition to Barclays, several other hedge funds have also adjusted their positions in Absci. For instance, FMR LLC increased its holdings by 1.2% during the same quarter, resulting in ownership of 12,727,760 shares valued at about $48.6 million after adding 147,156 shares. Fred Alger Management LLC expanded its investment by 4.3%, owning 7,566,618 shares valued at nearly $28.9 million after acquiring an extra 309,843 shares.

Furthermore, ARK Investment Management LLC raised its position by 15.1%, now holding 6,337,622 shares worth $24.2 million after purchasing 833,734 shares. Other firms like Marshall Wace LLP also reported a 23.3% increase in their holdings, reaching 1,833,902 shares valued at $5.6 million. Additionally, Sumitomo Mitsui Trust Group Inc. boosted its stake by 21.6% during the third quarter, owning 889,844 shares worth about $3.4 million.

Currently, about 52.05% of Absci's stock is held by institutional investors and hedge funds, indicating strong interest from major financial institutions.

Stock Performance Overview

Absci’s stock (ABSI) opened at $2.71 recently, with a market capitalization of $311.26 million. The company operates with a negative price-to-earnings ratio of -2.91 and possesses a beta of 2.02, highlighting its volatility. Over the past year, the stock has seen a low of $2.45 and a high of $6.72. The moving averages stand at $3.30 for 50 days and $3.68 for 200 days. Financial metrics indicate a current ratio and quick ratio of 5.63 each, showing that the company is more than capable of meeting its short-term obligations, while its debt-to-equity ratio is relatively low at 0.01.

In its most recent earnings report on November 12, Absci announced earnings per share of -$0.24, falling short of analysts’ expectations of -$0.19 by $0.05. The company generated $1.70 million in revenue, which was also below the expected $1.77 million. Absci reported a negative return on equity of 46.56% and an alarming negative net margin of 2,321.56%, reflecting ongoing challenges. For the current year, analysts predict the company will report earnings per share of -$0.90.

Analyst Ratings

Recent evaluations by research analysts have been generally favorable toward Absci. Guggenheim maintained a “buy” rating, setting a price target of $10.00 on shares of Absci. HC Wainwright also reaffirmed a “buy” rating with a target price of $7.00. Six investment analysts currently rate Absci as a buy, leading to a consensus rating of “Buy” and an average price target of $8.67 according to MarketBeat.

About Absci Co.

Absci Corporation operates as an innovative company focused on using data-driven generative artificial intelligence (AI) for drug creation in the United States. The company skillfully merges AI with scalable lab technologies to develop biologics aimed at improving patient care. Its platform is designed to enhance traditional biologic drug discovery by utilizing AI to optimize various drug characteristics that could be crucial for therapeutic benefits.

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