The stock of Outlook Therapeutics, Inc. (NASDAQ:OTLK) is now priced at $0.68 and the shares are -0.03 points down or -4.45% lower compared to its previous closing price of $0.71. The stock had 2.63 million contracts set over the past session. OTLK shares’ daily volume is compared to its average trading volume at 3.792 million shares. However, it has a float of 54.48 million and although its performance was -51.19% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the OTLK share price recently placing at $0.67 to $0.7275. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are climbing into the Outlook Therapeutics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the OTLK shares have risen. Short interest in the stock represents just 4.91% of its float, but the volume has raised by 611296. The volume of shorted shares rised to 2.673 million from 2.062 million shares over the last two weeks. The average intraday trading volume has been 1.718 million shares, which means that days to cover moved to roughly 1.555982.
In the last trading session, Outlook Therapeutics, Inc. (NASDAQ:OTLK) dropped by -$0.7115 over the week and lost -$0.6815 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.95. The stock recorded its established 52-week high on 09/12/19.
Since 03/23/20, the stock has traded to a low of $0.499 at 35.97%, 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 0.08. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Outlook Therapeutics, Inc.’s two-week RSI is 22.24. This suggests that the stock is overbought at the moment and that OTLK shares’ price movement remains not stable. The stochastic readings are equally revealing at 4.52% meaning the OTLK share price is currently in overbought territory.
The technical chart shows that the OTLK stock will likely settle at between $0.714 and $0.7495 per share. However, if the stock dips below $0.6565, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.6345.
Currently, the stock is trading in the red of MACD, with a reading of -0.4448. 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 OTLK a rating of Buy in their intiating review released on September 11. Oppenheimer analysts see the stock as a Outperform with a target price of $12 in a flash note released to investors on May 16 initiating covering the stock. Ascendiant Capital Markets analysts see the stock as Buy when the analysts initiated the share price coverage on April 22.
The average rating for the OTLK equity is 1.6 and is currently gathering a bullish momentum. Of 5 analysts tracking Outlook Therapeutics, Inc. polled by Reuters, 0 rated OTLK as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) 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.