EDIT buildup
Updated
Hello traders, usually I analyze companies with a higher market cap than EDIT due to liquidity and a clear path. however, this time its different (hah). Ok now, lets get to the good stuff. EDIT's ruby trial went well and their participants have showed promising signs that their treatment is working. aside from that, I have noticed that during the times the stock price comes down, it didnt show much volume. This is a strange sign. However what I can say is that this stock has large institutional holders (blackrock,vanguard, statestreet) comprising about 30% of the shares outstanding. looking at the industry, biotech has been getting smashed since 2020 as a whole. I believe, if the stock market and broader market does not have a systemic collapse then this stock will show exponential returns. The chart itself isnt that interesting but I do see clear signs of accumulation in the wyckoff range. from 4.90 to 6.40. I myself am very optimistic with this stock.
Goodluck!
Goodluck!
Note
With a short interest of 23% any move above $8 could lead to $15. My first TP is at $9 (50% sale) secod TP is at $14 for the rest.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.