PGNX - Progenics Pharmaceuticals Inc.

Industry: Biotechnology Sector: Healthcare

Buy Candidate
Fri 23'rd Jun 2017

PERIOD COVERED
2017-03-24 - 2017-06-23
CHANGE
-1.18%
PRICE
$7.51
VOLUME
Buy
TREND
Sell
MV LONG
Buy
MV SHORT
Buy
PIVOT
Sell
MACD
Buy
Request Prediction
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Progenics Pharmaceuticals Inc. Stock Analysis

Technical stock analysis for Fri 23'rd Jun 2017

Buy candidate since 2017-06-23

Progenics Pharmaceuticals Inc. fell by -1.18% in the last day, from USD 7.60 to USD 7.51 The price has been going up and down for this period, and there has been a 8.53% gain for the last 2 weeks. Volume has increased in the last day by 10 132 shares, but on falling prices. This is may be an early warning and the risk will be increased slightly for the next couple of days. In total, 961 781 shares bought and sold for approximately USD 7.22 million.

Trend

Progenics Pharmaceuticals Inc. lies the upper part of a very wide and strong falling trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at USD 7.55 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -28.5% during the next 3 months and, with 90% probability hold a price between USD 3.43 and USD 5.40 at the end of this period.

Signals

Progenics Pharmaceuticals Inc. holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at USD 7.17 and USD 6.93. A break down below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Thursday June 22, 2017, which indicates further falls until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Relative Strength Index (RSI)

RSI14 is 70 and the stock is currently not being overbought or oversold

Support & Resistance

On the downside, the stock finds support just below today's level from accumulated volume at USD 6.97 and USD 6.81. On the upside the stock meets some resistance from accumulated volume at USD 8.27, USD 9.08 and USD 9.01.

There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Progenics Pharmaceuticals Inc. finds support just below today's level at 6.97. If this is broken, then the next support from accumulated volume will be at 6.81 and 6.69.

Risk

This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved USD 0.30 between high and low, or 4.11%. For the last week, the stock has had a daily average volatility of 5.89%.

Our recommended stoploss: USD 7.17 (-4.59%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from pivot top found 1 days ago.)

Evaluation

Several short-term signals are positive, despite the stock being in a strong falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term. We have upgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Buy Candidate.

Buy Candidate

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