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

Absci Co. (NASDAQ:ABSI) was the target of a large decrease in short interest in April. As of April 15th, there was short interest totalling 8,630,000 shares, a decrease of 17.7% from the March 31st total of 10,480,000 shares. Based on an average daily volume of 1,550,000 shares, the days-to-cover ratio is presently 5.6 days. Currently, 10.0% of the shares of the stock are sold short.

Absci Trading Up 2.9 %

Shares of ABSI stock opened at $4.58 on Monday. The company has a 50 day moving average price of $5.17 and a 200 day moving average price of $3.60. The stock has a market capitalization of $517.91 million, a P/E ratio of -3.82 and a beta of 2.36. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.08 and a current ratio of 4.08. Absci has a fifty-two week low of $1.11 and a fifty-two week high of $6.72.

Absci (NASDAQ:ABSI) last released its earnings results on Thursday, March 21st. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The company had revenue of $0.34 million during the quarter, compared to analyst estimates of $1.75 million. Absci had a negative net margin of 1,933.65% and a negative return on equity of 44.52%. Equities research analysts predict that Absci will post -0.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other Absci news, Director Redmile Group, Llc purchased 222,222 shares of the stock in a transaction on Friday, March 1st. The shares were purchased at an average price of $4.50 per share, with a total value of $999,999.00. Following the acquisition, the director now directly owns 8,253,316 shares in the company, valued at approximately $37,139,922. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.58% of the company’s stock.

Institutional Investors Weigh In On Absci

Institutional investors and hedge funds have recently modified their holdings of the stock. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Absci during the first quarter worth about $2,390,000. Cannon Global Investment Management LLC purchased a new stake in Absci during the first quarter valued at about $104,000. Salem Investment Counselors Inc. purchased a new stake in Absci during the first quarter valued at about $122,000. Hsbc Holdings PLC lifted its stake in Absci by 153.8% during the fourth quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock valued at $1,769,000 after buying an additional 247,019 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV purchased a new stake in Absci during the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on ABSI shares. Truist Financial reiterated a “buy” rating and set a $9.00 price target on shares of Absci in a research report on Tuesday, March 26th. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Absci in a research report on Friday, March 22nd. KeyCorp boosted their target price on shares of Absci from $5.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $13.00 price target on shares of Absci in a research note on Monday, March 25th.

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.