RDHL Stock Eyes Best Day in Years After Bull Note

RDHL is poised for its strongest one-day gain in four years

Jul 12, 2019 at 1:44 PM
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Redhill Biopharma Ltd (NASDAQ:RDHL) stock is near the top of the Nasdaq today, up 12.7% at $7.48, after the Israel-based drugmaker saw some bullish brokerage attention. Specifically, WBB Securities raised its rating to "strong buy" from "buy," and reiterated its $17 price target -- a 156% premium to last night's close.

The firm said it expects the Food and Drug Administration (FDA) to approve TALICIA, Redhill Biopharma's treatment for Helicobacter pylori (H. pylori) bacterial infection. The regulatory agency accepted the company's new drug application on July 3, and WBB Securities thinks the drug will "enter a lucrative market, estimated at $1.4 billion in the U.S. and $4.8 billion globally."

RDHL stock is now headed toward its best day since June 2015 -- breaking out above recent resistance at its 20-day moving average, and bringing its year-to-date gain to 35%. However, the shares ran smack into their 80-day moving average earlier, a trendline that hasn't been toppled on a year-to-date basis since late April.

Analysts overwhelmingly share WBB Securities' bullish assessment of RDHL, with all 100% of those in coverage maintaining a "buy" or "strong buy" rating on the stock. Plus, the average 12-month price target sits all the way up at $21.17.

rdhl stock daily price chart on july 12

 

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