Are Short-Sellers Right About Phio Pharmaceuticals Corp. (PHIO) Stock?

For the period that ended November 15, 2019, the short interest in Phio Pharmaceuticals Corp. (NASDAQ:PHIO) stock is on the up. The 37.88% rise could be an indication that investors and traders expect a drop in the share price, often as a result of a drop in the business’ fundamentals. The average brokerage opinion at 0 suggests disposing off these shares. Between October 31 and November 15, the total count of shorted shares totalled 730.5 thousand. That number was 200,694 more shares compared with the total of 529.8 thousand shares in the space of prior two weeks, which suggests more traders or funds are betting that the company stock will move down. The average daily volume for PHIO at the November 15th settlement surged to 418,501, versus 218,898 at the October 31st report. That led days to cover to move at 1.745508, a 27.88% decrease compared to the 2.420319 days to cover recorded at the prior short interest data release.

On December 03, 2019, Phio Pharmaceuticals Corp. (NASDAQ:PHIO) shares gained 16.03% or 0.03 points to close at $0.17 with a heavy trading volume of 3.059 million shares. It opened the trading session at $0.148, the shares rose to $0.174 and dropped to $0.132, the range by which the price of stock traded the whole day. The company now has a market cap of $5.77 million and currently has 34.97 million outstanding shares. Phio Pharmaceuticals Corp. (PHIO) stock has plunged -28.35 percent of market value in 21 trading days.

PHIO stock’s trailing 3-year beta is 1.45, meaning there will be a greater rate of return, although posing a higher risk. The part of a firm’s profit given to each outstanding share of regular stock was -$0.37 share in the trailing 52 weeks. The stock’s value fallen -49.98 percent year to date (YTD) compared to a decline of -50 percent in 52 week’s period. The firm’s shares are still trading -68.57 percent below its 1-year high of $0.52 and 60.98 percent up from 52-week low of $0.10. The average consensus ranking on the company is 0, on a ranging where 5 is equal to a consensus sell rating. In other words, the mean analyst recommendations are ranking this stock as a buy.

Phio Pharmaceuticals Corp. (PHIO) is most likely going to rise 1076.47 percent in the coming 12 months, as per price target approximations compiled by finviz. Nevertheless, they have set the price target at a $1-month high price target. This represents a whopping 488.24 percent increase from the current trading of shares. The 52-week median price target given by the analysts is $1, which means a return possibility of 488.24 percent in comparison with the closing price of the stock of $0.17 on December 03. The lowest price set for the stock is $1 — just above 488.24 percent from PHIO share price now.

Past records have indicated that shares in Phio Pharmaceuticals Corp. declined on 4 different earnings reaction days and we have yet to see whether this trend will play out and remain in place when the company reports upcoming earnings.

The stock is lingering around the initial support level of $0.14. After this, the following support is at the zone of $0.12. Up until the time the PHIO stock hit levels beyond the current one, bulls should have no alarm. In terms of its momentum, the stock’s RSI hit 45.41 on the daily chart, and this may be a cause for concern. In case the price goes below $0.12 level on closing basis, there may be more profit booking with the stock growing weaker. Still, getting to the $0.18 level may cause a pull-back move approaching $0.2 mark.