The stock of Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) is now priced at $0.65 and the shares are 0.03 points up or 4.65% higher compared to its previous closing price of $0.62. The stock had 1.799 million contracts set over the past session. ADMP shares’ daily volume is compared to its average trading volume at 6.077 million shares. However, it has a float of 73.02 million and although its performance was -27.36% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the ADMP share price recently placing at $0.6102 to $0.666. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are running away from the Adamis Pharmaceuticals Corporation stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the ADMP shares have declined. Short interest in the stock represents just 7.95% of its float, but the volume has dropped by -2466530. The volume of shorted shares dropped to 5.802 million from 8.269 million shares over the last two weeks. The average intraday trading volume has been 4.843 million shares, which means that days to cover moved to roughly 1.198221.
In the last trading session, Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) dropped by -$0.2443 over the week and lost -$0.5314 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.51. The stock recorded its established 52-week high on 07/29/20.
Since 03/18/20, the stock has traded to a low of $0.27 at 140.22%, 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 2.18. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Adamis Pharmaceuticals Corporation’s two-week RSI is 35.27. This suggests that the stock is neutral at the moment and that ADMP shares’ price movement remains stable. The stochastic readings are equally revealing at 6.92% meaning the ADMP share price is currently in overbought territory.
The technical chart shows that the ADMP stock will likely settle at between $0.673 and $0.6974 per share. However, if the stock dips below $0.6172, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.5858.
Currently, the stock is trading in the red of MACD, with a reading of -0.1327. 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 raised their recommendation for ADMP from Hold to Buy in May 13 review while maintain their target price of $1.5. Dawson James analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on February 27. Raymond James seeing the stock struggling downgraded it from Outperform to Mkt Perform on November 26.
The average rating for the ADMP equity is 2.33 and is currently gathering a bullish momentum. Of 3 analysts tracking Adamis Pharmaceuticals Corporation polled by Reuters, 2 rated ADMP as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) 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.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) will decrease by about -99.79%, which will see them reach $8.23 million. The company’s full-year revenues are, however, expected to increase by about 11.71%, up from $22.11 million to $24.7 million. ADMP’s expected adjusted earnings should drop almost -66.67% to end up at -$0.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -38.18% to record -$0.34/share.