Absci Co. (NASDAQ:ABSI) Short Interest Down 10.8% in January

Absci Co. (NASDAQ:ABSI) was the target of a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 18,950,000 shares, a decline of 10.8% from the January 15th total of 21,240,000 shares. Based on an average trading volume of 4,240,000 shares, the short-interest ratio is presently 4.5 days. Currently, 20.6% of the shares of the company are sold short.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC grew its holdings in shares of Absci by 30.4% during the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock worth $21,657,000 after buying an additional 1,928,314 shares in the last quarter. Royce & Associates LP grew its stake in Absci by 472.1% during the 4th quarter. Royce & Associates LP now owns 882,096 shares of the company’s stock valued at $2,311,000 after acquiring an additional 727,905 shares in the last quarter. Fred Alger Management LLC grew its stake in Absci by 4.3% during the 3rd quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock valued at $28,904,000 after acquiring an additional 309,843 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Absci by 28.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after acquiring an additional 253,985 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its stake in Absci by 28.5% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company’s stock worth $2,997,000 after purchasing an additional 253,985 shares in the last quarter. 52.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ABSI shares. Needham & Company LLC started coverage on shares of Absci in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $9.00 price objective on the stock. KeyCorp reduced their price objective on Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Absci in a research note on Friday, January 17th. Finally, Guggenheim restated a “buy” rating and issued a $10.00 price objective on shares of Absci in a research report on Tuesday, December 3rd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.57.

Absci Price Performance

NASDAQ:ABSI opened at $5.82 on Monday. The stock has a 50 day moving average of $3.56 and a two-hundred day moving average of $3.71. Absci has a 12 month low of $2.45 and a 12 month high of $6.72. The firm has a market cap of $668.49 million, a P/E ratio of -6.26 and a beta of 2.11. The company has a current ratio of 5.63, a quick ratio of 5.63 and a debt-to-equity ratio of 0.01.

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.