Short Interest in Absci Co. (NASDAQ:ABSI) Expands By 8.1%

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

Absci Price Performance

Shares of ABSI stock opened at $3.85 on Tuesday. The firm’s 50-day moving average is $4.06 and its two-hundred day moving average is $4.43. Absci has a 12 month low of $1.11 and a 12 month high of $6.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.49 and a quick ratio of 6.49. The company has a market capitalization of $435.37 million, a PE ratio of -3.32 and a beta of 2.21.

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

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Absci

A number of hedge funds have recently modified their holdings of the business. Comerica Bank acquired a new position in Absci in the first quarter valued at about $31,000. D Orazio & Associates Inc. lifted its holdings in shares of Absci by 27.3% in the 1st quarter. D Orazio & Associates Inc. now owns 28,000 shares of the company’s stock worth $159,000 after acquiring an additional 6,000 shares during the last quarter. Nations Financial Group Inc. IA ADV purchased a new position in shares of Absci during the 4th quarter worth approximately $42,000. Beacon Pointe Advisors LLC acquired a new stake in Absci in the 4th quarter valued at approximately $42,000. Finally, SG Americas Securities LLC purchased a new stake in Absci in the first quarter valued at approximately $63,000. 52.05% of the stock is currently owned by hedge funds and other institutional investors.

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.