7 Best Halal Stocks To Buy Now (Debt Free)

3. Absci Corporation (NASDAQ:ABSCI)

Number of Hedge Fund Holders: 27 

D/E Ratio: 0.06 

Absci Corporation (NASDAQ:ABSI) is a biotechnology company that utilizes artificial intelligence (AI) and synthetic biology to create next-generation protein-based drugs. The company’s AI-powered drug creation platform enables the design and development of novel proteins with enhanced properties for therapeutic applications. Absci Corporation stands third among the best halal stocks to buy now (debt free).

Absci Corporation (NASDAQ:ABSI) has an average 12-month price target of $8.67, with a high of $13.00 and a low of $6.00, according to the study of four Wall Street analysts conducted over the last three months. The current price of $4.51 has increased by 92.24% to this average. The analysts are optimistic about Absci’s differentiated AI-driven drug discovery platform, which combines artificial intelligence with wet lab technologies to create novel biologics. They see significant growth potential as the company advances its pipeline of drug candidates like ABS-101, ABS-201, and ABS-301

The largest institutional shareholder of Absci Corporation (NASDAQ:ABSI) is Fmr Llc (Fidelity), holding 6,863,544 shares. Hedge funds have been actively trading Absci Corporation’s stock in Q1 2024. Redmile Group, LLC increased its position by 2.8% during the quarter, further solidifying its position as the second-largest shareholder. Platinum Investment Management Ltd. Which is another notable hedge fund, reduced its stake by 7.3% but still holds 776,602 shares valued at $4.41 million. Affinity Asset Advisors LLC, a relatively new investor, acquired 1,025,000 shares worth $5.82 million, representing a 0.906% ownership stake in the company.

In Q1 2024, the company’s revenue stood at $900,000 and the R&D expenses were reported to be $12.2 million, down from $12.7 million in the prior year period. Their selling, general, and administrative expenses were $8.7 million in Q1 2024, decreased from $9.6 million in the prior year period and the company raised approximately $86.4 million in net proceeds from a public offering of common stock.