The stock of Unity Biotechnology, Inc. (NASDAQ:UBX) is now priced at $3.02 and the shares are -0.09 points down or -2.89% lower compared to its previous closing price of $3.11. The stock had 1.06 million contracts set over the past session. UBX shares’ daily volume is compared to its average trading volume at 1.407 million shares. However, it has a float of 43.44 million and although its performance was 1.34% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the UBX share price recently placing at $3.02 to $3.17. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are climbing into the Unity Biotechnology, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the UBX shares have risen. Short interest in the stock represents just 13.83% of its float, but the volume has raised by 629350. The volume of shorted shares rised to 6.006 million from 5.377 million shares over the last two weeks. The average intraday trading volume has been 1.29 million shares, which means that days to cover moved to roughly 4.654411.
In the last trading session, Unity Biotechnology, Inc. (NASDAQ:UBX) raised by $0.04 over the week and lost -$6.41 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $15.44. The stock recorded its established 52-week high on 08/10/20.
Since 08/24/20, the stock has traded to a low of $2.72 at 11.03%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Unity Biotechnology, Inc.’s two-week RSI is 25.48. This suggests that the stock is overbought at the moment and that UBX shares’ price movement remains not stable. The stochastic readings are equally revealing at 3.15% meaning the UBX share price is currently in overbought territory.
The technical chart shows that the UBX stock will likely settle at between $3.12 and $3.22 per share. However, if the stock dips below $2.97, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.92.
Currently, the stock is trading in the red of MACD, with a reading of -0.03. 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 Morgan Stanley cut their recommendation for UBX from Overweight to Equal-Weight in August 18 review while maintai their target price of $5. Mizuho analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $33 to $4 in a flash note released to investors on August 18. Citigroup seeing the stock struggling downgraded it from Buy to Neutral on August 18 placing it at $31 to $5.
The average rating for the UBX equity is 2 and is currently gathering a bullish momentum. Of 6 analysts tracking Unity Biotechnology, Inc. polled by Reuters, 5 rated UBX 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.