Turning Point Therapeutics, Inc. (TPTX): Why Is It Up 6.66 Percent Today

The biggest gainers of the session on the Wall Street include Turning Point Therapeutics, Inc. (NASDAQ:TPTX), which rose 2.37 points or 6.66% to trade at $37.93 as last check. The stock closed last session at $35.56 and sets an active trading volume day with a reported 96068 contracts so far this session. TPTX shares had a relatively better volume day versus average trading capacity of 234.39 thousand shares, but with a 33.24 million float and a -2.2% 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 $60.57 per share. This means the stock has a potential increase of 59.69% from where the TPTX share price has been trading recently which is between $35.5 and $37.78. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $47. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $70.

Looking at the current readings for Turning Point Therapeutics, Inc., the two-week RSI stands at 45.36. 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 21.7% at this stage. This figure means that TPTX share price today is being overbought.

Technical chart claims that Turning Point Therapeutics, Inc. (TPTX) would settle between $37.06/share to $38.56/share level. However, if the stock price goes below the $34.78 mark, then the market for Turning Point Therapeutics, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $34 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.41. 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 H.C. Wainwright, assumed coverage of TPTX assigning Buy rating, according to their opinion released on September 25. Wedbush, analysts launched coverage of Turning Point Therapeutics, Inc. (NASDAQ:TPTX) stock with a Outperform recommendation, according to their flash note issued to investors on September 10. Analysts at Guggenheim, made their first call for the equity with a Buy recommendation, according to a research note that dated back to July 24.

TPTX equity has an average rating of 1.17, with the figure leaning towards a bullish end. 7 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 7 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. 7 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.