The stock of BELLUS Health Inc. (NASDAQ:BLU) is now priced at $2.59 and the shares are 0.01 points up or 0.39% higher compared to its previous closing price of $2.58. The stock had 1.033 million contracts set over the past session. BLU shares’ daily volume is compared to its average trading volume at 4.134 million shares. However, it has a float of 43.57 million and although its performance was 0% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the BLU share price recently placing at $2.565 to $2.66. However, some brokerage firms have priced the stock below the average, including one that has called $2.9.
The shorts are climbing into the BELLUS Health Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BLU shares have risen. Short interest in the stock represents just 9.32% of its float, but the volume has raised by 124006. The volume of shorted shares rised to 4.184 million from 4.06 million shares over the last two weeks. The average intraday trading volume has been 2.776 million shares, which means that days to cover moved to roughly 1.507152.
In the last trading session, BELLUS Health Inc. (NASDAQ:BLU) raised by $unch over the week and lost -$0.04 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.03. The stock recorded its established 52-week high on 07/02/20.
Since 07/14/20, the stock has traded to a low of $2.3 at 12.61%, 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 0.09. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, BELLUS Health Inc.’s two-week RSI is 29.01. This suggests that the stock is overbought at the moment and that BLU shares’ price movement remains not stable. The stochastic readings are equally revealing at 43% meaning the BLU share price is currently in neutral territory.
The technical chart shows that the BLU stock will likely settle at between $2.64 and $2.7 per share. However, if the stock dips below $2.55, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.51.
Currently, the stock is trading in the red of MACD, with a reading of -0.06. 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 Guggenheim cut their recommendation for BLU from Buy to Neutral in July 07 review. H.C. Wainwright analysts see the stock as a Buy with a target price of $28 in a flash note released to investors on June 26 initiating covering the stock. Jefferies analysts see the stock as Buy when the analysts initiated the share price coverage on September 30, placing it at $20.
The average rating for the BLU equity is 2 and is currently gathering a bullish momentum. Of 6 analysts tracking BELLUS Health Inc. polled by Reuters, 2 rated BLU as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) 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.