11 Penny Stocks That Will Make You A Millionaire

2. Absci Corporation (NASDAQ:ABSI)

Number of Hedge Fund Holders: 17

Absci Corporation (NASDAQ:ABSI) is a biotech company based in Vancouver, Washington. It operates as a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create biologics for patients.

Alexander Green, in the Oxford Club’s Oxford Microcap Trader newsletter, recently talked about a “tiny” AI stock in which Green made a $100,000 investment. Stock Gumshoe thinks that the stock Green was hinting at was Absci Corporation (NASDAQ:ABSI). Here are some of Green’s comments that were used to make this guess:

“What this company does – that sets it apart from all the biotechs out there – is that it’s using generative AI to find new, effective drugs… it could cut time to create a drug from years to days… It’s groundbreaking technology. It’s no surprise then that the world’s largest AI and healthcare companies are lining up to make partnerships with my #1 microcap.”

Some other clues that were handed out were that the company had partnered with NVIDIA and Merck to design new medicines, with the latter partnership expected to rake in $610 million in upfront revenue. Travis Johnson at Stock Gumshoe believes that this description perfectly fits Absci Corporation (NASDAQ:ABSI). This company presently has partnership deals that represent $900 million in potential revenue plus royalties.

While the stock represents a great growth opportunity, with analysts noting that it has an upside potential of 87.5%, it should be noted that drug discovery is a slow business, even with the involvement of AI. As such, all the partnerships and potential royalty payments lined up for Absci Corporation (NASDAQ:ABSI) may not materialize any time soon – but the potential still exists for this stock to turn its investors into millionaires when the time comes.

We saw 17 hedge funds long Absci Corporation (NASDAQ:ABSI) in the second quarter, with a total stake value of $74.4 million.