abrdn Life Sciences Investors (NYSE:HQL) Sees Significant Drop in Short Interest

Key Points

• abrdn Life Sciences Investors (NYSE:HQL) experienced a 50.6% drop in short interest in September, with short interest falling to 38,200 shares from 77,400 shares at the end of August.
• The stock price increased by 1.3% to $15.77, and the company reported a quarterly dividend of $0.42 per share, resulting in a dividend yield of 10.7%.
• Major shareholder Saba Capital Management sold 41,623 shares at an average price of $14.14, reducing their position by 1.45% and bringing their total holdings to approximately 2.83 million shares.

abrdn Life Sciences Investors (NYSE:HQL - ) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totaling 38,200 shares, a drop of 50.6% from the August 31st total of 77,400 shares. Based on an average daily trading volume, of 117,000 shares, the short-interest ratio is currently 0.3 days. Based on an average daily trading volume, of 117,000 shares, the short-interest ratio is currently 0.3 days.

abrdn Life Sciences Investors Stock Up 1.3%

Shares of abrdn Life Sciences Investors stock traded up $0.20 on Friday, reaching $15.77. 126,604 shares of the company traded hands, compared to its average volume of 125,818. abrdn Life Sciences Investors has a 52 week low of $10.55 and a 52 week high of $15.90. The company has a 50 day moving average of $13.96 and a 200 day moving average of $13.02.

abrdn Life Sciences Investors Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Friday, August 22nd were given a dividend of $0.42 per share. The ex-dividend date was Friday, August 22nd. This represents a $1.68 annualized dividend and a dividend yield of 10.7%.

Insider Buying and Selling

In other abrdn Life Sciences Investors news, major shareholder Saba Capital Management, L.P. sold 41,623 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $14.14, for a total value of $588,549.22. Following the completion of the sale, the insider owned 2,837,633 shares in the company, valued at approximately $40,124,130.62. This trade represents a 1.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 179,906 shares of company stock valued at $2,530,720. Company insiders own 10.06% of the company's stock.

Hedge Funds Weigh In On abrdn Life Sciences Investors

Large investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. raised its position in abrdn Life Sciences Investors by 200.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,293 shares of the company's stock worth $29,000 after purchasing an additional 1,529 shares during the period. Wealthcare Advisory Partners LLC bought a new stake in shares of abrdn Life Sciences Investors in the first quarter worth about $131,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of abrdn Life Sciences Investors in the first quarter worth about $134,000. Wedbush Securities Inc. bought a new stake in shares of abrdn Life Sciences Investors in the first quarter worth about $149,000. Finally, Stratos Wealth Partners LTD. grew its stake in shares of abrdn Life Sciences Investors by 7.4% in the first quarter. Stratos Wealth Partners LTD. now owns 14,176 shares of the company's stock worth $180,000 after purchasing an additional 971 shares during the last quarter. Hedge funds and other institutional investors own 32.21% of the company's stock.

About abrdn Life Sciences Investors

Abrdn Life Sciences Investors is a closed-ended equity mutual fund launched and managed by abrdn Inc The fund invests in public equity markets across the globe. It seeks to invest in stocks of companies operating in the life sciences sector, including the biotechnology, pharmaceutical, diagnostics, managed healthcare, medical equipment, hospitals, healthcare information technology and services, devices and supplies industries, and in agriculture and environmental management industries.

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