Mon Sep 30 05:17:04 UTC 2024: ## Absci (ABSI) Sees Short Interest Rise, Institutional Investors Adjust Holdings

**Seattle, WA – September 30, 2024** – Absci Co. (NASDAQ:ABSI) experienced a surge in short interest during September, with the number of shares sold short increasing by 8.2% to 13,070,000 shares as of September 15th. This represents 14.3% of the company’s outstanding shares.

The rise in short interest comes amidst a backdrop of fluctuating institutional investor activity. Redmile Group LLC, ARK Investment Management LLC, Vanguard Group Inc., and Marshall Wace LLP all increased their holdings in Absci during recent quarters, while Affinity Asset Advisors LLC established a new position in the company. Overall, hedge funds and other institutional investors now own 52.05% of Absci’s stock.

Analysts remain bullish on ABSI, with five investment firms rating the stock as a “buy.” The consensus price target among these analysts is $8.40, suggesting potential upside from current levels.

Absci reported its quarterly earnings on August 14th, missing analyst expectations on both earnings and revenue. The company reported a loss of $0.22 per share, exceeding the consensus estimate of a loss of $0.19. Revenue came in at $1.27 million, falling short of the expected $2.05 million.

Despite the mixed earnings, the company’s stock opened at $3.97 on Monday, highlighting investor interest in Absci’s potential. The company operates as a data-driven artificial intelligence (AI) drug creation company, leveraging AI and scalable wet lab technologies to develop biologics for patients. Absci’s platform aims to revolutionize traditional drug discovery by optimizing multiple drug characteristics simultaneously.

While the increase in short interest suggests some investor skepticism, the continued institutional investment and positive analyst sentiment indicate a strong belief in the long-term growth potential of Absci. The company’s innovative approach to drug discovery, combined with its focus on AI, positions it as a key player in the evolving pharmaceutical landscape.

Read More