Short Interest in Absci Co. (NASDAQ:ABSI) Declines By 10.8%

Absci Co. (NASDAQ:ABSI) was the recipient of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 18,950,000 shares, a decrease of 10.8% from the January 15th total of 21,240,000 shares. Approximately 20.6% of the shares of the stock are short sold. Based on an average daily volume of 4,240,000 shares, the days-to-cover ratio is presently 4.5 days.

Absci Stock Performance

Absci stock opened at $5.82 on Friday. The stock has a market cap of $668.49 million, a price-to-earnings ratio of -6.26 and a beta of 2.11. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.63 and a quick ratio of 5.63. The firm has a 50 day simple moving average of $3.56 and a 200-day simple moving average of $3.71. Absci has a 1-year low of $2.45 and a 1-year high of $6.72.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ABSI shares. KeyCorp lowered their target price on shares of Absci from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Absci in a research report on Friday, January 17th. Guggenheim reiterated a “buy” rating and issued a $10.00 price objective on shares of Absci in a report on Tuesday, December 3rd. Finally, Needham & Company LLC started coverage on Absci in a report on Wednesday, January 22nd. They set a “buy” rating and a $9.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.57.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. ARK Investment Management LLC grew its holdings in shares of Absci by 30.4% during the 4th quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company’s stock worth $21,657,000 after purchasing an additional 1,928,314 shares during the period. Royce & Associates LP lifted its position in Absci by 472.1% in the fourth quarter. Royce & Associates LP now owns 882,096 shares of the company’s stock valued at $2,311,000 after buying an additional 727,905 shares during the last quarter. Fred Alger Management LLC boosted its stake in Absci by 4.3% during the third quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company’s stock worth $28,904,000 after buying an additional 309,843 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Absci by 28.5% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after acquiring an additional 253,985 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its stake in shares of Absci by 28.5% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 1,143,829 shares of the company’s stock valued at $2,997,000 after acquiring an additional 253,985 shares during the period. 52.05% of the stock is currently owned by hedge funds and other 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.