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ABSI stock rated a Sector outperform by Scotiabank

Absci Corp’s recently made public that its 10% Owner Phoenix Venture Partners II LP unloaded Company’s shares for reported $13.64 million on May 22 ’24. In the deal valued at $4.40 per share,3,100,000 shares were sold. As a result of this transaction, Phoenix Venture Partners II LP now holds 11,279,522 shares worth roughly $50.98 million.

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Then, Redmile Group, LLC bought 222,222 shares, generating $999,999 in total proceeds. Upon buying the shares at $4.50, the Director now owns 8,253,316 shares.

Scotiabank initiated its Absci Corp [ABSI] rating to a Sector outperform in a research note published on March 14, 2024; the price target was $13. A number of analysts have revised their coverage, including KeyBanc Capital Markets’s analysts, who began to cover the stock in early December with a ‘”an Overweight”‘ rating. H.C. Wainwright began covering ABSI with “Buy” recommendation on May 04, 2023. JP Morgan revised its rating on August 12, 2022. It rated ABSI as “an Underweight” which previously was an “an Overweight”.

Price Performance Review of ABSI

On Monday, Absci Corp [NASDAQ:ABSI] saw its stock jump 3.20% to $4.52. Over the last five days, the stock has gained 6.35%. Absci Corp shares have risen nearly 7.62% since the year began. Nevertheless, the stocks have risen 165.88% over the past one year. While a 52-week high of $6.72 was reached on 04/09/24, a 52-week low of $1.11 was recorded on 01/19/24. SMA at 50 days reached $4.92, while 200 days put it at $3.40. A total of 1.08 million shares were traded, compared to the trading of 0.9 million shares in the previous session.

Levels Of Support And Resistance For ABSI Stock

The 24-hour chart illustrates a support level at 4.35, which if violated will result in even more drops to 4.17. On the upside, there is a resistance level at 4.65. A further resistance level may holdings at 4.77. The Relative Strength Index (RSI) on the 14-day chart is 48.31, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.04, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 50.49%. Stochastics %K at 40.13% indicates the stock is a holding.

The most recent change occurred on July 18, 2022 when Truist began covering the stock and recommended ‘”a Buy”‘ rating along with a $8 price target.

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