The stock of Kindred Biosciences, Inc. (NASDAQ:KIN) is now priced at $4.19 and the shares are 0.24 points up or 6.08% higher compared to its previous closing price of $3.95. The stock had 1.001 million contracts set over the past session. KIN shares’ daily volume is compared to its average trading volume at 371745 shares. However, it has a float of 36.94 million and although its performance was 5.28% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the KIN share price recently placing at $3.96 to $4.47. However, some brokerage firms have priced the stock below the average, including one that has called $9.
The shorts are running away from the Kindred Biosciences, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the KIN shares have declined. Short interest in the stock represents just 1.61% of its float, but the volume has dropped by -103527. The volume of shorted shares dropped to 593386 from 696913 shares over the last two weeks. The average intraday trading volume has been 256785 shares, which means that days to cover moved to roughly 2.310828.
In the last trading session, Kindred Biosciences, Inc. (NASDAQ:KIN) raised by $0.21 over the week and gained $0.9 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $11.93. The stock recorded its established 52-week high on 02/28/20.
Since 03/23/20, the stock has traded to a low of $3.11 at 34.94%, 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 0.97. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Kindred Biosciences, Inc.’s two-week RSI is 56.24. This suggests that the stock is neutral at the moment and that KIN shares’ price movement remains stable. The stochastic readings are equally revealing at 42.28% meaning the KIN share price is currently in neutral territory.
The technical chart shows that the KIN stock will likely settle at between $4.45 and $4.72 per share. However, if the stock dips below $3.94, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.7.
Currently, the stock is trading in the green of MACD, with a reading of 0.02. 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 KIN from Buy to Neutral in March 17 review. H.C. Wainwright analysts see the stock as a Buy, but they also dropped the share’s target price from $17.50 to $16 in a flash note released to investors on November 13. B. Riley FBR seeing the stock struggling downgraded it from Buy to Neutral on July 16 placing it at $18 to $8.50.
The average rating for the KIN equity is 2 and is currently gathering a bullish momentum. Of 8 analysts tracking Kindred Biosciences, Inc. polled by Reuters, 1 rated KIN 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.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Kindred Biosciences, Inc. (NASDAQ:KIN) will decrease by about -98.58%, which will see them reach $560 million. The company’s full-year revenues are, however, expected to increase by about 868.08%, up from $4.26 million to $41.24 million. KIN’s expected adjusted earnings should drop almost -23.08% to end up at -$0.3 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -67.92% to record -$0.51/share.