Why Turning Point Therapeutics, Inc. (TPTX) Stock Was Sliding Today

What just happened? Turning Point Therapeutics, Inc. (NASDAQ:TPTX) stock value has plummeted by nearly -4.02% or (-1.76 points) to $41.98 from its previous close of $43.74. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 118705 contracts so far this session. TPTX shares had a relatively better volume day versus average trading capacity of 263.46 thousand shares, but with a 26.71 million float and a 0.18% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TPTX stock indicates that the average analyst price target is $49.5 per share. This means the stock has a potential increase of 17.91% from where the TPTX share price has been trading recently which is between $43 and $44.265. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $47.

The shorts are climbing into Turning Point Therapeutics, Inc. (TPTX) stock. The latest set of short interest data was released on 28 June 2019, and the numbers show a rise in short interest in TPTX shares. While short interest still represents only 0.12% of TPTX’s float, the number of shares shorted have risen by 189584. The number of shares shorted advanced to 1175022 shares, up from 985438 shares during the preceding fortnight. With average daily trading volumes at 307705 shares, days to cover decreased to about 7.096834 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Turning Point Therapeutics Initiates Phase 2 Registrational Portion of TRIDENT-1 Clinical Study” and dated June 20, 2019.

Looking at the current readings for Turning Point Therapeutics, Inc., the two-week RSI stands at 56.39. This figure suggests that TPTX 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 TPTX readings is similarly very revealing as it has a stochastic reading of 67.56% at this stage. This figure means that TPTX share price today is being neutral.

Technical chart claims that Turning Point Therapeutics, Inc. (TPTX) would settle between $44.34/share to $44.93/share level. However, if the stock price goes below the $43.07 mark, then the market for Turning Point Therapeutics, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $42.4 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.09. 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 Wells Fargo, assumed coverage of TPTX assigning Outperform rating, according to their opinion released on May 13. SVB Leerink, analysts launched coverage of Turning Point Therapeutics, Inc. (NASDAQ:TPTX) stock with a Outperform recommendation, according to their flash note issued to investors on May 13. Analysts at RBC Capital Mkts, made their first call for the equity with a Outperform recommendation, according to a research note that dated back to May 13.

TPTX equity has an average rating of 1.25, with the figure leaning towards a bullish end. 4 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 4 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. 4 analysts rated Turning Point Therapeutics, Inc. (NASDAQ:TPTX) 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.