The stock of Miragen Therapeutics, Inc. (NASDAQ:MGEN) is now priced at $0.87 and the shares are -0.06 points down or -6.03% lower compared to its previous closing price of $0.93. The stock had 1.309 million contracts set over the past session. MGEN shares’ daily volume is compared to its average trading volume at 2.903 million shares. However, it has a float of 53.12 million and although its performance was -14.7% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the MGEN share price recently placing at $0.8511 to $0.93. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the Miragen Therapeutics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the MGEN shares have declined. Short interest in the stock represents just 3.61% of its float, but the volume has dropped by -98007. The volume of shorted shares dropped to 1.92 million from 2.018 million shares over the last two weeks. The average intraday trading volume has been 1.163 million shares, which means that days to cover moved to roughly 1.650325.
In the last trading session, Miragen Therapeutics, Inc. (NASDAQ:MGEN) dropped by -$0.1499 over the week and lost -$0.2699 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.27. The stock recorded its established 52-week high on 01/30/20.
Since 03/19/20, the stock has traded to a low of $0.311 at 179.77%, 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, Miragen Therapeutics, Inc.’s two-week RSI is 32.64. This suggests that the stock is neutral at the moment and that MGEN shares’ price movement remains stable. The stochastic readings are equally revealing at 7.77% meaning the MGEN share price is currently in overbought territory.
The technical chart shows that the MGEN stock will likely settle at between $0.9164 and $0.9626 per share. However, if the stock dips below $0.8375, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.8048.
Currently, the stock is trading in the red of MACD, with a reading of -0.074. 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 Robert W. Baird cut their recommendation for MGEN from Outperform to Neutral in December 12 review while maintai their target price of $5 to $1. Robert W. Baird analysts see the stock as a Outperform in a flash note released to investors on January 04 initiating covering the stock. B. Riley FBR analysts see the stock as Buy when the analysts resumed the share price coverage on December 31, placing it at $18.5.
The average rating for the MGEN equity is 1.4 and is currently gathering a bullish momentum. Of 6 analysts tracking Miragen Therapeutics, Inc. polled by Reuters, 0 rated MGEN as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (6) 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 Miragen Therapeutics, Inc. (NASDAQ:MGEN) will decrease by about -10.71%, which will see them reach $150 million. The company’s full-year revenues are, however, expected to diminish by about -71.08%, down from $4.46 million to $1.29 million. MGEN’s expected adjusted earnings should drop almost -63.89% to end up at -$0.13 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -58.96% to record -$0.55/share.