5 Pharmaceutical Stocks to Buy Under $20 According to Jeremy Green’s Redmile Group

4. Absci Corporation (NASDAQ:ABSI)

Redmile Group Stake Value: $93,402,000
Percentage of Redmile Group’s 13F Portfolio: 1.62%
Number of Hedge Fund Holders: 12
Price per Share as of Nov. 23, 2021: $10.50

Absci Corporation (NASDAQ:ABSI) is a drug and target discovery business that uses deep learning AI and synthetic biology to help proteins reach their full therapeutic potential. As of Q3 2021, Redmile Group bought over 8.03 million shares in Absci Corporation, valued at $93.40 million. The company represents 1.62% of the hedge fund’s 13F portfolio.

Michael Ryskin, a BofA analyst, downgraded Absci from “Neutral” to “Underperform” in November, with a $10 price target. According to the analyst, the company’s third-quarter profitability and business update were disappointing. In addition, the earnings of Absci Corporation in the third quarter of 2021 fell short of expectations. Despite a 67% increase in sales to $1.5 million year over year, the net loss nearly quadrupled to $10.7 million as R&D, and SG&A spending skyrocketed.

As of the third quarter of 2021, 12 hedge funds tracked by Insider Monkey have positions in Absci Corporation, worth over $250.82 million.