Magenta Therapeutics, Inc. (NASDAQ:MGTA) is among the top gainers of the stock market today, skyrocketing 20.35% or (2.79 points) to $16.5 from its previous close of $13.71. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 181728 contracts so far this session. MGTA shares had a relatively better volume day versus average trading capacity of 147.34 thousand shares, but with a 28.26 million float and a -16.25% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for MGTA stock indicates that the average analyst price target is $19.5 per share. This means the stock has a potential increase of 18.18% from where the MGTA share price has been trading recently which is between $13.3 and $14.54. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $22.
The shorts are climbing into Magenta Therapeutics, Inc. (MGTA) stock. The latest set of short interest data was released on 28 February 2019, and the numbers show a rise in short interest in MGTA shares. While short interest still represents only 4.3% of MGTA’s float, the number of shares shorted have risen by 261675. The number of shares shorted advanced to 1477813 shares, up from 1216138 shares during the preceding fortnight. With average daily trading volumes at 148913 shares, days to cover decreased to about 18.22148 days.
Looking at the current readings for Magenta Therapeutics, Inc., the two-week RSI stands at 71.45. This figure suggests that MGTA stock, for now, is oversold, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current MGTA readings is similarly very revealing as it has a stochastic reading of 65.62% at this stage. This figure means that MGTA share price today is being neutral.
Technical chart claims that Magenta Therapeutics, Inc. (MGTA) would settle between $14.4/share to $15.09/share level. However, if the stock price goes below the $13.16 mark, then the market for Magenta Therapeutics, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $12.61 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.78. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Raymond James, assumed coverage of MGTA assigning Outperform rating, according to their opinion released on March 15. Wedbush, analysts launched coverage of Magenta Therapeutics, Inc. (NASDAQ:MGTA) stock with a Outperform recommendation, according to their flash note issued to investors on July 16. Analysts at JP Morgan, made their first call for the equity with a Overweight recommendation, according to a research note that dated back to July 16.
MGTA equity has an average rating of 1.8, with the figure leaning towards a bullish end. 5 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 5 analysts rated Magenta Therapeutics, Inc. (NASDAQ:MGTA) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.