Absci Co. (NASDAQ:ABSI) experienced a notable surge in short interest during the month of September, according to recent reports. The total short interest as of September 15th stood at 13,070,000 shares, marking an 8.2% increase from the previous month’s total of 12,080,000 shares. Currently, approximately 14.3% of the company’s shares are being sold short. With an average daily trading volume of 1,430,000 shares, the days-to-cover ratio currently stands at 9.1 days.
Institutional investors have also made adjustments to their holdings in Absci Co. Hsbc Holdings PLC increased its position in the company by 153.8% during the fourth quarter, now owning 407,579 shares valued at $1,769,000. Salem Investment Counselors Inc. acquired a new position in Absci Co. during the first quarter, with a value of $122,000. Cannon Global Investment Management LLC also purchased a new stake in the first quarter, worth $104,000. Additionally, Sumitomo Mitsui Trust Holdings Inc. bought shares worth approximately $2,390,000 in the first quarter, while Capstone Investment Advisors LLC acquired a stake worth around $1,477,000.
Absci Co.’s stock experienced a 3.8% decline, opening at $3.82 on Tuesday. The company currently holds a market capitalization of $431.98 million, with a PE ratio of -3.29 and a beta of 2.21. Its debt-to-equity ratio is 0.01, and it boasts a quick ratio and current ratio of 6.49. The stock’s 52-week range spans from $1.11 to $6.72, with a 50-day moving average price of $4.06 and a 200-day moving average price of $4.36.
Several research firms have recently issued reports on Absci Co. Morgan Stanley initiated coverage on the stock on July 3rd, assigning it an “overweight” rating and a price objective of $7.00. HC Wainwright reaffirmed a “buy” rating with a $7.00 price target on August 15th. KeyCorp, on the other hand, lowered its target price from $8.00 to $6.00 and maintained an “overweight” rating on July 11th. Overall, five analysts have given the stock a buy rating, resulting in a consensus rating of “Buy” and an average price target of $8.40, according to MarketBeat.com.
Absci Co., operating as a data-first generative artificial intelligence (AI) drug creation company, combines AI with scalable wet lab technologies to develop biologics for patients. The company’s integrated drug creation platform aims to enhance traditional biologic drug discovery by utilizing AI to optimize multiple drug characteristics simultaneously, thereby improving development and therapeutic benefits.