The stock of Aptose Biosciences Inc. (NASDAQ:APTO) is now priced at $5.47 and the shares are 0.42 points up or 8.32% higher compared to its previous closing price of $5.05. The stock had 1.023 million contracts set over the past session. APTO shares’ daily volume is compared to its average trading volume at 835232 shares. However, it has a float of 64.23 million and although its performance was 9.84% over the week, it’s one to watch. Analysts have given the APTO stock a yearly average price target of $4.72 per share. It means the stock’s downside potential is -13.71% with the APTO share price recently placing at $5.03 to $5.48.

The shorts are running away from the Aptose Biosciences Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the APTO shares have declined. Short interest in the stock represents just 3.19% of its float, but the volume has dropped by -122327. The volume of shorted shares dropped to 2.049 million from 2.171 million shares over the last two weeks. The average intraday trading volume has been 801051 shares, which means that days to cover moved to roughly 2.558049.

In the last trading session, Aptose Biosciences Inc. (NASDAQ:APTO) raised by $0.49 over the week and gained $0.41 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9.25. The stock recorded its established 52-week high on 02/20/20.

Since 10/23/19, the stock has traded to a low of $1.82 at 200.55%, 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 1.64. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Aptose Biosciences Inc.’s two-week RSI is 55.66. This suggests that the stock is neutral at the moment and that APTO shares’ price movement remains stable. The stochastic readings are equally revealing at 61.84% meaning the APTO share price is currently in neutral territory.

The technical chart shows that the APTO stock will likely settle at between $5.62 and $5.78 per share. However, if the stock dips below $5.17, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.88.

Currently, the stock is trading in the green of MACD, with a reading of 0.08. 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 APTO a rating of Buy in their intiating review released on February 20. H.C. Wainwright analysts see the stock as a Buy, but they also raised the share’s target price from $6 to $9 in a flash note released to investors on February 06. Piper Sandler analysts see the stock as Overweight when the analysts initiated the share price coverage on January 09, placing it at $10.

The average rating for the APTO equity is 1.67 and is currently gathering a bullish momentum. Of 7 analysts tracking Aptose Biosciences Inc. polled by Reuters, 0 rated APTO as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) 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.