The stock of Jounce Therapeutics, Inc. (NASDAQ:JNCE) is now priced at $6.9 and the shares are -0.4 points down or -5.48% lower compared to its previous closing price of $7.3. The stock had 465718 contracts set over the past session. JNCE shares’ daily volume is compared to its average trading volume at 281248 shares. However, it has a float of 29.79 million and although its performance was 0.73% over the week, it’s one to watch. Analysts have given the JNCE stock a yearly average price target of $9.88 per share. It means the stock’s upside potential is 43.19% with the JNCE share price recently placing at $6.56 to $7.24. However, some brokerage firms have priced the stock below the average, including one that has called $5.5.
The shorts are running away from the Jounce Therapeutics, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the JNCE shares have declined. Short interest in the stock represents just 4.87% of its float, but the volume has dropped by -20480. The volume of shorted shares dropped to 1.452 million from 1.472 million shares over the last two weeks. The average intraday trading volume has been 0.21 million shares, which means that days to cover moved to roughly 6.923428.
In the last trading session, Jounce Therapeutics, Inc. (NASDAQ:JNCE) raised by $0.05 over the week and gained $1.38 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10. The stock recorded its established 52-week high on 12/26/19.
Since 10/04/19, the stock has traded to a low of $2.79 at 147.31%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.39. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Jounce Therapeutics, Inc.’s two-week RSI is 60.08. This suggests that the stock is neutral at the moment and that JNCE shares’ price movement remains stable. The stochastic readings are equally revealing at 75.86% meaning the JNCE share price is currently in oversold territory.
The technical chart shows that the JNCE stock will likely settle at between $7.24 and $7.58 per share. However, if the stock dips below $6.56, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.22.
Currently, the stock is trading in the green of MACD, with a reading of 0.36. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Raymond James raised their recommendation for JNCE from Outperform to Strong Buy in March 25 review while maintain their target price of $11. JP Morgan analysts downgraded their recommendation of the stock from Neutral to Underweight in a flash note released to investors on November 14. Raymond James analysts see the stock as Outperform when the analysts initiated the share price coverage on June 28.
The average rating for the JNCE equity is 2.33 and is currently gathering a bullish momentum. Of 6 analysts tracking Jounce Therapeutics, Inc. polled by Reuters, 2 rated JNCE as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.