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. Absci Corp shares valued at $999,999 were purchased by Redmile Group, LLC on Mar 01 ’24. At $4.50 per share, Redmile Group, LLC acquired 222,222 shares. The insider’s holdings grew to 8,253,316 shares worth approximately $45.72 million following the completion of this transaction.
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As published in their initiating research note from Scotiabank on March 14, 2024, Absci Corp [ABSI] has been a Sector outperform and the price target has been revised to $13. Analysts at KeyBanc Capital Markets started covering the stock with ‘”an Overweight”‘ outlook in a report released in early December. As of May 04, 2023, H.C. Wainwright has initiated its “Buy” rating for ABSI. Earlier on August 12, 2022, JP Morgan downgraded its rating. Their new recommendation was “an Underweight” for ABSI stock which previously was a “an Overweight”.
Analyzing ABSI Stock Performance
During the last five days, there has been a surge of approximately 8.84%. Over the course of the year, Absci Corp shares have jumped approximately 31.90%. Shares of the company reached a 52-week high of $6.40 on 03/04/24 and a 52-week low of $3.09 on 01/19/24. A 50-day SMA is recorded $4.60, while a 200-day SMA reached $2.60. Nevertheless, trading volume fell to 1.45 million shares from 1.23 million shares the previous day.
Support And Resistance Levels for Absci Corp (ABSI)
According to the 24-hour chart, there is a support level at 5.24, which, if violated, would cause prices to drop to 4.94. In the upper region, resistance lies at 5.75. The next price resistance is at 5.96. RSI (Relative Strength Index) is 60.76 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.28, which suggests the price will decrease in the coming days. Percent R is at 15.44%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Absci Corp subject to short interest?
Stocks of Absci Corp saw a sharp rise in short interest on Feb 29, 2024 jumping by 4.53 million shares to 10.62 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 6.09 million shares. A jump of 42.66% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.84 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.84.
