Absci Co. (NASDAQ:ABSI) Short Interest Update

Absci Co. (NASDAQ:ABSI) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 12,080,000 shares, a growth of 8.1% from the August 15th total of 11,180,000 shares. Based on an average daily trading volume, of 1,580,000 shares, the short-interest ratio is presently 7.6 days. Approximately 13.2% of the shares of the company are short sold.

Absci Stock Performance

Shares of ABSI opened at $3.95 on Wednesday. The stock’s 50-day simple moving average is $4.07 and its 200 day simple moving average is $4.42. The stock has a market capitalization of $446.68 million, a price-to-earnings ratio of -3.41 and a beta of 2.21. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.49 and a current ratio of 6.49. Absci has a 52-week low of $1.11 and a 52-week high of $6.72.

Absci (NASDAQ:ABSI) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03). The company had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $2.05 million. Absci had a negative return on equity of 44.24% and a negative net margin of 2,838.89%. During the same period last year, the company posted ($0.27) EPS. Research analysts forecast that Absci will post -0.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ABSI. Morgan Stanley began coverage on Absci in a research report on Wednesday, July 3rd. They set an “overweight” rating and a $7.00 price target on the stock. KeyCorp dropped their price target on Absci from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Thursday, August 15th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $8.40.

Hedge Funds Weigh In On Absci

Several institutional investors have recently modified their holdings of ABSI. ARK Investment Management LLC increased its position in shares of Absci by 68.0% during the 2nd quarter. ARK Investment Management LLC now owns 5,503,888 shares of the company’s stock valued at $16,952,000 after purchasing an additional 2,226,794 shares during the last quarter. Affinity Asset Advisors LLC bought a new position in shares of Absci during the 1st quarter valued at about $5,822,000. Vanguard Group Inc. increased its position in shares of Absci by 33.7% during the 1st quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock valued at $19,569,000 after purchasing an additional 869,131 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Absci during the 1st quarter worth approximately $2,390,000. Finally, Nikko Asset Management Americas Inc. bought a new position in Absci during the 1st quarter worth approximately $2,386,000. 52.05% of the stock is currently owned by institutional investors.

About Absci

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.