Absci Co. (NASDAQ:ABSI) Short Interest Up 11.4% in December

Absci Co. (NASDAQ:ABSI) was the recipient of a significant increase in short interest during the month of 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. Based on an average trading volume of 1,490,000 shares, the short-interest ratio is currently 9.4 days. Approximately 15.2% of the company’s stock are sold short.

Absci Price Performance

NASDAQ ABSI opened at $2.62 on Wednesday. Absci has a one year low of $2.45 and a one year high of $6.72. The stock has a 50-day moving average of $3.39 and a 200 day moving average of $3.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The company has a market capitalization of $300.92 million, a price-to-earnings ratio of -2.82 and a beta of 2.02.

Absci (NASDAQ:ABSI) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.05). The company had revenue of $1.70 million during the quarter, compared to the consensus estimate of $1.77 million. Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. On average, sell-side analysts forecast that Absci will post -0.9 EPS for the current year.

Institutional Investors Weigh In On Absci

Hedge funds have recently added to or reduced their stakes in the stock. ARK Investment Management LLC grew its holdings in shares of Absci by 15.1% in the third quarter. ARK Investment Management LLC now owns 6,337,622 shares of the company’s stock worth $24,210,000 after acquiring an additional 833,734 shares during the period. Marshall Wace LLP grew its stake in shares of Absci by 23.3% during the 2nd quarter. Marshall Wace LLP now owns 1,833,902 shares of the company’s stock valued at $5,648,000 after purchasing an additional 347,079 shares during the period. Fred Alger Management LLC increased its position in shares of 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 purchasing an additional 309,843 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Absci by 521.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 285,764 shares of the company’s stock worth $880,000 after purchasing an additional 239,747 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Absci in the third quarter worth approximately $724,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ABSI shares. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Absci in a research note on Friday, December 13th. Guggenheim reaffirmed a “buy” rating and issued a $10.00 target price on shares of Absci in a report on Tuesday, December 3rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $8.67.

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.