3M Stock Flat Despite New COVID-19 Test Partnership

The equity is down 12.2% year-to-date

Digital Content Manager
Jul 14, 2020 at 9:55 AM
facebook X logo linkedin


The shares of 3M Co (NYSE:MMM) are flat this morning, trading at $154.59 even after the industrial conglomerate announced a partnership with the Massachusetts Institute of Technology (MIT) to develop a rapid antigen test for COVID-19. The test would produce results within minutes, and could be administered on a low-cost, paper-based device, similar to a home pregnancy test.

3M stock hasn't fully recovered from its mid-March six-year lows near the $114 level yet, having traded sideways the last two months. The security rallied to a $169.54 peak on June 8, but was turned away by its 320-day moving average. Longer term, MMM is down 12.2% year-to-date.

Analysts were hesitant toward the equity coming into today. Of the 10 in coverage, eight carry a tepid "hold" recommendation, while the remaining two call it a "strong buy." Meanwhile, the 12-month consensus target price of $157.67 is a 1.8% premium to current levels.

Lastly, it looks as if calls are more than doubling up puts in the options pits. In the past 10 weeks, 34,839 calls were exchanged, as opposed to 12,821 puts. What's more, MMM's Schaeffer's open interest ratio (SOIR) of 0.72 stands higher than just 26% of readings from the past year, implying short-term options traders have been more call-biased than usual as of late. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI