TORC Stock Pops on Morgan Stanley Stake

The security is still off over 80% for the year, however

Digital Content Manager
Dec 31, 2019 at 9:14 AM
facebook twitter linkedin

Pharmaceutical concern resTORbio Inc. (NASDAQ:TORC) is eyeing its biggest one-day percentage gain in over a month this morning, following news that Morgan Stanley took an 8.8% passive stake in the company. The stock is up 10.5% ahead of the bell in response, set to break out above recent consolation near the $1.25 area. 

Prior to a mid-November bear gap, TORC was trading right above the $8 level. However, a surprise halt in its late-stage respiratory illness study sent resTORbio straight into penny stock territory. Since then, the stock has managed to find a floor at its $1.10 region, and is headed into its second day north of it 30-day moving average in over a month. TORC still has a ways to go though, down 83.4% for the year. 

Sentiment among the brokerage bunch is understandably cautious. Five of the six covering the stock say "hold," while one analyst says "sell." The consensus 12-month price target sits at $2 -- a 31% premium to Monday's closing perch at $1.34. 

Lastly, the security has been drifting around oversold territory since its massive sell off -- it's 14-day Relative Strength Index (RSI) closed last night right near the 30 level. While TORC is still right on the cusp of being oversold, a short term bounce could be in the cards for the equity. 



How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.