The stock of Nuvo Pharmaceuticals Inc (TSE:NRI) gapped down by $0.03 today and has $5.70 target or 11.00% below today’s $6.40 share price. The 8 months technical chart setup indicates high risk for the $71.68 million company. The gap down was reported on Oct, 28 by Barchart.com. If the $5.70 price target is reached, the company will be worth $7.88 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 32,000 shares traded hands or 128.13% up from the average. Nuvo Pharmaceuticals Inc (TSE:NRI) has risen 23.93% since March 23, 2016 and is uptrending. It has outperformed by 19.21% the S&P500.
More notable recent Nuvo Pharmaceuticals Inc (TSE:NRI) news were published by: Prnewswire.com which released: “Nuvo Pharmaceuticalsâ„¢ Inc. Appoints New Chief Financial Officer” on September 01, 2016, also Prnewswire.com with their article: “Nuvo Pharmaceuticalsâ„¢ Inc. Announces Pennsaid 2% Phase 3 Trial to Support …” published on July 13, 2016, Prnewswire.com published: “Nuvo Pharmaceuticalsâ„¢ Inc. announces appointment of Vice President, Business …” on April 04, 2016. More interesting news about Nuvo Pharmaceuticals Inc (TSE:NRI) were released by: Prnewswire.com and their article: “Nuvo Research® Inc. Completes Reorganization into Two Publicly Traded Companies” published on March 01, 2016 as well as Prnewswire.com‘s news article titled: “Nuvo Pharmaceuticalsâ„¢ Receives Approval from German Regulatory Authorities to …” with publication date: October 17, 2016.
Nuvo Pharmaceuticals Inc., formerly Nuvo Research Inc., is a Canada healthcare company. The company has a market cap of $71.68 million. The Firm offers a range of commercial products, including Pennsaid 2%, Pennsaid and the heated lidocaine/tetracaine patch. It has a 21.43 P/E ratio. The Company’s Pennsaid 2% is a non-steroidal anti-inflammatory drug (NSAID) containing 2% diclofenac sodium.
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