Absci Co. (NASDAQ:ABSI) Short Interest Down 10.8% in January

Absci Co. (NASDAQ:ABSI - Get Free Report) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 18,950,000 shares, a decline of 10.8% from the January 15th total of 21,240,000 shares. Based on an average daily trading volume, of 4,240,000 shares, the short-interest ratio is currently 4.5 days. Currently, 20.6% of the shares of the stock are short sold.

Analysts Set New Price Targets

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

Absci Trading Down 3.8 %

Shares of Absci stock traded down $0.22 during midday trading on Wednesday, reaching $5.57. The company had a trading volume of 5,388,454 shares, compared to its average volume of 7,133,168. The stock has a fifty day moving average price of $3.67 and a 200 day moving average price of $3.75. Absci has a fifty-two week low of $2.45 and a fifty-two week high of $6.72. The firm has a market cap of $639.77 million, a PE ratio of -5.99 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ABSI. PCA Investment Advisory Services Inc. acquired a new stake in shares of Absci during the fourth quarter worth $26,000. Alpha Cubed Investments LLC bought a new stake in Absci during the fourth quarter valued at $26,000. Ballentine Partners LLC acquired a new stake in Absci during the 4th quarter worth about $27,000. BNP Paribas Financial Markets bought a new position in shares of Absci in the 4th quarter worth about $28,000. Finally, Verdence Capital Advisors LLC acquired a new position in shares of Absci in the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 52.05% of the company's stock.

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.