The stock of Biocept, Inc. (NASDAQ:BIOC) is now priced at $0.71 and the shares are -0.01 points down or -1.26% lower compared to its previous closing price of $0.72. The stock had 19.709 million contracts set over the past session. BIOC shares’ daily volume is compared to its average trading volume at 26 million shares. However, it has a float of 122 million and although its performance was 4.19% over the week, it’s one to watch. The stock’s downside potential is -100% with the BIOC share price recently placing at $0.68 to $0.789. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are climbing into the Biocept, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the BIOC shares have risen. Short interest in the stock represents just 4.04% of its float, but the volume has raised by 451300. The volume of shorted shares rised to 5.38 million from 4.929 million shares over the last two weeks. The average intraday trading volume has been 14.996 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Biocept, Inc. (NASDAQ:BIOC) raised by $0.0286 over the week and gained $0.0176 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.09. The stock recorded its established 52-week high on 08/12/19.
Since 03/17/20, the stock has traded to a low of $0.2112 at 236.84%, 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 0.72. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Biocept, Inc.’s two-week RSI is 53.09. This suggests that the stock is neutral at the moment and that BIOC shares’ price movement remains stable. The stochastic readings are equally revealing at 49.63% meaning the BIOC share price is currently in neutral territory.
The technical chart shows that the BIOC stock will likely settle at between $0.7736 and $0.8358 per share. However, if the stock dips below $0.6646, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.6178.
Currently, the stock is trading in the green of MACD, with a reading of 0.0152. 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 Chardan Capital Markets though dropped target price of BIOC stock from $2.50 to $1.50 but maintained Buy recommendation in their November 14 review. Chardan Capital Markets analysts see the stock as a Buy with a target price of $2.5 in a flash note released to investors on June 02 initiating covering the stock. ROTH Capital analysts see the stock as Buy when the analysts initiated the share price coverage on June 06, placing it at $1.2.
The average rating for the BIOC equity is 2 and is currently gathering a bullish momentum. Of 2 analysts tracking Biocept, Inc. polled by Reuters, 0 rated BIOC as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) 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 BIOC stocks P/S ratio currently stands below the group’s average of 60.4. Biocept, Inc. has its P/E ratio at 4.1, which means that the stock is currently trading at a discount relative to the 5.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Biocept, Inc. (NASDAQ:BIOC) will decrease by about -99.9%, which will see them reach $0.001 billion. The company’s full-year revenues are, however, expected to increase by about 25.5%, up from $5.53 million to $6.94 million. BIOC’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -81.97% to record -$0.22/share.