Why Phio Pharmaceuticals Corp. (PHIO) Stock Rose, Up To 9.4%, in Trade Today

Phio Pharmaceuticals Corp. (NASDAQ:PHIO) is among the top gainers of the stock market today, skyrocketing 9.4% or (0.02 points) to $0.25 from its previous close of $0.23. 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 111327 contracts so far this session. PHIO shares had a relatively better volume day versus average trading capacity of 179.12 thousand shares, but with a 24.82 million float and a 3.55% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for PHIO stock indicates that the average analyst price target is $2 per share. This means the stock has a potential increase of 700% from where the PHIO share price has been trading recently which is between $0.2223 and $0.265. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $2. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $2.

During the recent trading session for Phio Pharmaceuticals Corp. (NASDAQ:PHIO), the company witnessed their stock rise $0.01 over a week and surge $0.03 from the price 20 days ago. When compared to their established 52-week high of $0.52, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 03/04/19. The recent low of $0.19 stood for a -51.43% since 10/15/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.61 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is less volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for PHIO is set at $2, a figure which is above the recent 1-year high the stock witnessed.

Looking at the current readings for Phio Pharmaceuticals Corp., the two-week RSI stands at 53.46. This figure suggests that PHIO 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 PHIO readings is similarly very revealing as it has a stochastic reading of 56.21% at this stage. This figure means that PHIO share price today is being neutral.

Technical chart claims that Phio Pharmaceuticals Corp. (PHIO) would settle between $0.26/share to $0.28/share level. However, if the stock price goes below the $0.22 mark, then the market for Phio Pharmaceuticals Corp. becomes much weaker. If that happens, the stock price might even plunge as low as $0.2 for its downside target.