Midatech Pharma Plc (MTP) Got Crushed -4.38% Today. Here’s Why

Midatech Pharma Plc (NASDAQ:MTP) is a stock to watch today. At current price of $1.64, the shares have already lost -0.07 points (-4.38% lower) from its previous close of $1.71. The stock sets an active trading volume day with a reported 100313 contracts so far this session. MTP shares had a relatively better volume day versus average trading capacity of 925.76 thousand shares, but with a 1.44 million float and a -10.76% run over a week, it’s definitely worth keeping an eye on. MTP share price has been trading recently between $1.6 and $1.82.

The shorts are running away from Midatech Pharma Plc (MTP) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in MTP shares. While short interest still represents only 7.78% of MTP’s float, the number of shares shorted have fallen by -89902. The number of shares shorted fell to 22270 shares, down from 112172 shares during the preceding fortnight. With average daily trading volumes at 3790551 shares, days to cover decreased to about 1 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “MTP: Strategic Refocusing to Pure-Play R&D Company; Pivotal Study of MTD201 to Commence 2H19” and dated May 09, 2019.

During the recent trading session for Midatech Pharma Plc (NASDAQ:MTP), the company witnessed their stock drop by $-0.28 over a week and tumble down $-0.4 from the price 20 days ago. When compared to their established 52-week high of $10.9, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 02/27/19. The recent low of $1 stood for a -84.97% since 02/08/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Midatech Pharma Plc, the two-week RSI stands at 34.02. This figure suggests that MTP stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current MTP readings is similarly very revealing as it has a stochastic reading of 11.51% at this stage. This figure means that MTP share price today is being overbought.

Technical chart claims that Midatech Pharma Plc (MTP) would settle between $1.82/share to $1.93/share level. However, if the stock price goes below the $1.6 mark, then the market for Midatech Pharma Plc becomes much weaker. If that happens, the stock price might even plunge as low as $1.49 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.15. 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.