DBVT is on track for its best day in nearly two years
One of the better stocks on the Nasdaq this morning is DBV Technologies (NASDAQ:DBVT), up 16.6% to trade at $13.11. The French pharmaceutical company's peanut allergy patch Viaskin showed durable benefits in a study, prompting Stifel to raise its rating to "buy" from "hold."
While also upping its price target to $18 from $10, the analyst in coverage expects an independent panel vote or an approval later in 2020. Leerink also chimed in and noted Viaskin is a " safer and more patient friendly therapeutic alternative" than rival Aimmune Therapeutics' Palforzia treatment. Most of the analyst community is already bullish, with six out of nine giving out "buy" ratings, and the consensus 12-month price target sitting at $16.22, a 44.3% premium to last night's closing perch of $11.24.
DBVT stock is on track to post its best single-session gain since February 2018, and is currently trading at its highest point since a late-December 2018 bear gap. Late last month, the shares sliced through their 320-day moving average, and are now up 64% year-over-year. Plus, the biotech stock has turned in only six negative sessions since Dec. 2.
If there's a word of caution to be said though, it's the stock's 14-day Relative Index (RSI). At the close last night, the equity's RSI settled firmly in overbought territory at 73, suggesting a caution should be exercised in the short term.