The stock of CymaBay Therapeutics, Inc. (NASDAQ:CBAY) is now priced at $6.39 and the shares are -0.07 points down or -1.08% lower compared to its previous closing price of $6.46. The stock had 1.056 million contracts set over the past session. CBAY shares’ daily volume is compared to its average trading volume at 3.718 million shares. However, it has a float of 64.17 million and although its performance was -5.4% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CBAY share price recently placing at $6.14 to $6.52. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are climbing into the CymaBay Therapeutics, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CBAY shares have risen. Short interest in the stock represents just 15.28% of its float, but the volume has raised by 1807907. The volume of shorted shares rised to 9.807 million from 7.999 million shares over the last two weeks. The average intraday trading volume has been 5.118 million shares, which means that days to cover moved to roughly 1.916058.
In the last trading session, CymaBay Therapeutics, Inc. (NASDAQ:CBAY) dropped by -$0.37 over the week and gained $2.29 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.09. The stock recorded its established 52-week high on 08/10/20.
Since 03/18/20, the stock has traded to a low of $1.21 at 428.1%, 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 1.49. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, CymaBay Therapeutics, Inc.’s two-week RSI is 63.25. This suggests that the stock is neutral at the moment and that CBAY shares’ price movement remains stable. The stochastic readings are equally revealing at 73.64% meaning the CBAY share price is currently in oversold territory.
The technical chart shows that the CBAY stock will likely settle at between $6.56 and $6.73 per share. However, if the stock dips below $6.18, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.97.
Currently, the stock is trading in the green of MACD, with a reading of 0.16. 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 H.C. Wainwright though dropped target price of CBAY stock from $9 to $13 but maintained Buy recommendation in their August 04 review. Piper Sandler analysts see the stock as a Overweight with a target price of $12 in a flash note released to investors on July 31 initiating covering the stock. H.C. Wainwright seeing the improvements upgraded the stock from Neutral to Buy on May 26, placing it at $9.
The average rating for the CBAY equity is 1.67 and is currently gathering a bullish momentum. Of 10 analysts tracking CymaBay Therapeutics, Inc. polled by Reuters, 0 rated CBAY as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (10) 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.