Negative sentiment towards ABBV reflected in surge in short interest

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Abbvie Inc shares valued at $13,415,503 were sold by RICHMOND TIMOTHY J. on Mar 01 ’24. At $177.27 per share, RICHMOND TIMOTHY J. sold 75,680 shares. The insider’s holdings dropped to 13,837 shares worth approximately $2.49 million following the completion of this transaction.

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Also, Michael Robert A. sold 68,879 shares, netting a total of over 12,153,957 in proceeds. Following the sale of shares at $176.45 each, the insider now holds 98,645 shares.

Before that, Siatis Perry C had sold 9,891 shares from its account. In a trade valued at $1,754,555, the EVP, GC AND SECRETARY traded Abbvie Inc shares for $177.39 each. Upon closing the transaction, the insider’s holdings decreased to 9,891 shares, worth approximately $1.87 million.

As published in a research note from William Blair on January 29, 2024, Abbvie Inc [ABBV] has been rated up from a Mkt perform to an Outperform. Analysts at HSBC Securities downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in mid December. As of December 11, 2023, Goldman has increased its “Neutral” rating to a “Buy” for ABBV. Earlier on November 09, 2023, Deutsche Bank initiated its rating. Their recommendation was “a Hold” for ABBV stock.

Analyzing ABBV Stock Performance

During the last five days, there has been a drop of approximately -0.66%. Over the course of the year, Abbvie Inc shares have jumped approximately 16.06%. Shares of the company reached a 52-week high of $182.89 on 03/12/24 and a 52-week low of $154.77 on 01/02/24. A 50-day SMA is recorded $170.87, while a 200-day SMA reached $151.23. Nevertheless, trading volume fell to 5.99 million shares from 5.39 million shares the previous day.

Support And Resistance Levels for Abbvie Inc (ABBV)

According to the 24-hour chart, there is a support level at 178.68, which, if violated, would cause prices to drop to 177.51. In the upper region, resistance lies at 181.77. The next price resistance is at 183.69. RSI (Relative Strength Index) is 61.22 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.14, which suggests the price will increase in the coming days. Percent R is at 40.40%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Abbvie Inc subject to short interest?

Stocks of Abbvie Inc saw a sharp rise in short interest on Feb 29, 2024 jumping by 0.55 million shares to 14.27 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 13.72 million shares. A jump of 3.85% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.75 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.75.

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