Absci Co. (NASDAQ:ABSI) Sees Large Growth in Short Interest

Absci Co. (NASDAQ:ABSI) was the target of a significant increase in short interest in December. As of December 15th, there was short interest totalling 14,020,000 shares, an increase of 11.4% from the November 30th total of 12,580,000 shares. Approximately 15.2% of the company’s shares are sold short. Based on an average trading volume of 1,490,000 shares, the short-interest ratio is presently 9.4 days.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Guggenheim reiterated a “buy” rating and set a $10.00 price target on shares of Absci in a research report on Tuesday, December 3rd. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Absci in a report on Friday, December 13th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $8.67.

Absci Trading Down 4.3 %

Shares of NASDAQ ABSI opened at $2.65 on Tuesday. Absci has a 1 year low of $2.45 and a 1 year high of $6.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63. The firm has a 50-day moving average of $3.42 and a 200 day moving average of $3.72. The stock has a market cap of $304.37 million, a P/E ratio of -2.85 and a beta of 2.02.

Absci (NASDAQ:ABSI) last released its earnings results on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.05). The business had revenue of $1.70 million for the quarter, compared to analysts’ expectations of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. During the same quarter in the previous year, the business posted ($0.24) earnings per share. As a group, sell-side analysts expect that Absci will post -0.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its holdings in Absci by 521.0% in the second quarter. Bank of New York Mellon Corp now owns 285,764 shares of the company’s stock worth $880,000 after buying an additional 239,747 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new position in Absci in the 2nd quarter worth approximately $388,000. Rhumbline Advisers lifted its position in Absci by 3,910.6% in the 2nd quarter. Rhumbline Advisers now owns 107,324 shares of the company’s stock valued at $331,000 after acquiring an additional 104,648 shares in the last quarter. Pier 88 Investment Partners LLC boosted its stake in Absci by 240.2% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 148,220 shares of the company’s stock valued at $457,000 after purchasing an additional 104,650 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Absci by 32.3% in the 2nd quarter. American Century Companies Inc. now owns 121,800 shares of the company’s stock worth $375,000 after purchasing an additional 29,723 shares in the last quarter. 52.05% of the stock is owned by institutional investors.

Absci Company 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.