Analyst: Buy This Battered Healthcare Stock

Analysts are overwhelmingly bullish on Athenex

May 2, 2019 at 11:19 AM
facebook X logo linkedin

Oppenheimer initiated coverage on Athenex Inc (NASDAQ:ATNX) with an "outperform" rating and $20 price target -- a nearly 112% premium to last night's close at $9.44. The covering analyst waxed optimistic on positive data for the biopharmaceutical firm's specialty oncology products, as well as positive late-stage Oraxol breast cancer data.

Analysts are already upbeat on ATNX, with 100% of those in coverage maintaining a "buy" or better rating. Plus, the average 12-month price target sits all the way up at $25.58.

Short sellers, on the other hand, have been ramping up their bearish exposure to the stock. Short interest rose 3% in the most recent reporting period to 5.33 million shares. This represents 16% of Athenex's available float, or 16.3 times the average daily pace of trading.

Looking at the charts, these bears have certainly been in the driver's seat. Even with today's 5.9% pop to trade at $9.99, ATNX stock is still down 37.2% year-over-year. Plus, the shares hit a record low of $9.38 yesterday. As such, the equity's 14-day Relative Strength Index (RSI) closed Wednesday at 27, suggesting the oversold stock may have been due for a short-term bounce.


Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.

Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!




Rainmaker Ads CGI