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Insider Buying: Redmile Group, LLC, Absci Corp [ABSI] Director invested 222,222 shares

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 $42.83 million following the completion of this transaction.

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 14.57%. Over the course of the year, Absci Corp shares have jumped approximately 23.57%. Shares of the company reached a 52-week high of $6.72 on 04/09/24 and a 52-week low of $3.09 on 01/19/24. A 50-day SMA is recorded $5.15, while a 200-day SMA reached $3.03. Nevertheless, trading volume fell to 1.04 million shares from 0.64 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 4.87, which, if violated, would cause prices to drop to 4.56. In the upper region, resistance lies at 5.44. The next price resistance is at 5.69. RSI (Relative Strength Index) is 52.29 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.04, which suggests the price will decrease in the coming days. Percent R is at 47.43%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

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