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Absci Corp [ABSI] Shares Rise 7.07 % on Wednesday

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 $98,892 were sold by Jonasson Zachariah on Jun 13 ’24. At $4.98 per share, Jonasson Zachariah sold 19,859 shares. The insider’s holdings dropped to 384,751 shares worth approximately $1.22 million following the completion of this transaction.

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Also, Phoenix Venture Partners II LP sold 3,100,000 shares, netting a total of over 13,640,000 in proceeds. Following the sale of shares at $4.40 each, the insider now holds 11,279,522 shares.

Before that, Redmile Group, LLC had added 222,222 shares to its account. In a trade valued at $999,999, the Director bought Absci Corp shares for $4.50 each. Upon closing the transaction, the insider’s holdings increased to 222,222 shares, worth approximately $26.25 million.

As published in their initiating research note from Morgan Stanley on July 03, 2024, Absci Corp [ABSI] has been an Overweight and the price target has been revised to $7. Analysts at Scotiabank started covering the stock with ‘”a Sector outperform”‘ outlook in a report released in mid March. As of December 05, 2023, KeyBanc Capital Markets has initiated its “an Overweight” rating for ABSI. Earlier on May 04, 2023, H.C. Wainwright initiated its rating. Their recommendation was “a Buy” for ABSI stock.

Analyzing ABSI Stock Performance

During the last five days, there has been a surge of approximately 3.58%. Over the course of the year, Absci Corp shares have dropped approximately -24.29%. Shares of the company reached a 52-week high of $6.72 on 04/09/24 and a 52-week low of $2.80 on 06/20/24. A 50-day SMA is recorded $4.27, while a 200-day SMA reached $3.54. Nevertheless, trading volume fell to 1.33 million shares from 0.84 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 3.02, which, if violated, would cause prices to drop to 2.87. In the upper region, resistance lies at 3.44. The next price resistance is at 3.71. RSI (Relative Strength Index) is 38.16 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.20, which suggests the price will decrease in the coming days. Percent R is at 83.99%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

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