Absci Co. (NASDAQ:ABSI) Sees Large Drop 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. Currently, 10.0% of the shares of the stock are short sold. Based on an average trading volume of 1,550,000 shares, the short-interest ratio is currently 5.6 days.

Analyst Upgrades and Downgrades

ABSI has been the topic of several recent research reports. Truist Financial restated a “buy” rating and set a $9.00 price target on shares of Absci in a report on Tuesday, March 26th. Scotiabank restated an “outperform” rating and set a $13.00 price target on shares of Absci in a report on Monday, March 25th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Absci in a report on Friday, March 22nd. Finally, KeyCorp increased their price target on Absci from $5.00 to $8.00 and gave the company an “overweight” rating in a report on Monday, March 4th.

Absci Stock Performance

ABSI stock opened at $4.58 on Friday. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 0.03. The business’s fifty day simple moving average is $5.17 and its two-hundred day simple moving average is $3.58. Absci has a twelve month low of $1.11 and a twelve month high of $6.72. The firm has a market cap of $517.91 million, a price-to-earnings ratio of -3.82 and a beta of 2.36.

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

Insider Transactions at Absci

In other news, Director Redmile Group, Llc acquired 222,222 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were acquired at an average cost 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 of the company’s stock, valued at $37,139,922. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 11.58% of the company’s stock.

Institutional Trading of Absci

A number of hedge funds and other institutional investors have recently bought and sold shares of ABSI. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Absci during the 1st quarter worth $2,390,000. Hsbc Holdings PLC grew its position in shares of Absci by 153.8% during the 4th quarter. Hsbc Holdings PLC now owns 407,579 shares of the company’s stock worth $1,769,000 after buying an additional 247,019 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of Absci during the 4th quarter worth $135,000. Clarius Group LLC bought a new position in shares of Absci during the 3rd quarter worth $40,000. Finally, Dimension Capital Management LLC bought a new position in shares of Absci during the 3rd quarter worth $28,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.

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.