The stock of Burning Rock Biotech Limited (NASDAQ:BNR) is now priced at $27.79 and the shares are -0.94 points down or -3.27% lower compared to its previous closing price of $28.73. The stock had 103605 contracts set over the past session. BNR shares’ daily volume is compared to its average trading volume at 494557 shares. However, it has a float of 13.5 million and although its performance was 1.34% over the week, it’s one to watch. Analysts have given the BNR stock a yearly average price target of $31.65 per share. It means the stock’s downside potential is -100% with the BNR share price recently placing at $28.63 to $29.38. However, some brokerage firms have priced the stock below the average, including one that has called 216.70 yen.
Looking at current readings, Burning Rock Biotech Limited’s two-week RSI is 0. This suggests that the stock is overbought at the moment and that BNR shares’ price movement remains not stable. The stochastic readings are equally revealing at 54.2% meaning the BNR share price is currently in neutral territory.
The technical chart shows that the BNR stock will likely settle at between $29.2 and $29.66 per share. However, if the stock dips below $28.45, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $28.16.
Currently, the stock is trading in the green of MACD, with a reading of 0.39. 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 Maxim Group assigned BNR a rating of Outperform in their intiating review released on July 07.
The average rating for the BNR equity is — and is currently gathering a bearish momentum. Of 3 analysts tracking Burning Rock Biotech Limited polled by Reuters, 0 rated BNR as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the BNR stocks P/S ratio currently stands at below the group’s average of 61.2. Burning Rock Biotech Limited has its P/E ratio at 23, which means that the stock is currently trading at a premium relative to the 5.9 industry average.