The stock of Concordia International Corp (TSE:CXR) gapped down by $0.96 today and has $2.45 target or 11.00% below today’s $2.75 share price. The 9 months technical chart setup indicates high risk for the $137.54 million company. The gap down was reported on Nov, 7 by Barchart.com. If the $2.45 price target is reached, the company will be worth $15.13M 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 2.55M shares traded hands or 164.08% up from the average. Concordia International Corp (TSE:CXR) has declined 87.10% since April 1, 2016 and is downtrending. It has underperformed by 89.06% the S&P500.
Concordia International Corp (TSE:CXR) Ratings Coverage
Out of 4 analysts covering Concordia Healthcare Corp (TSE:CXR), 1 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 25% are positive. $135 is the highest target while $4.50 is the lowest. The $32.90 average target is 1096.36% above today’s ($2.75) stock price. Concordia Healthcare Corp has been the topic of 23 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The stock of Concordia International Corp (TSE:CXR) earned “Outperform” rating by RBC Capital Markets on Friday, January 8. As per Tuesday, August 11, the company rating was maintained by RBC Capital Markets. The rating was maintained by RBC Capital Markets on Monday, October 31 with “Outperform”. The firm has “Sector Outperform” rating given on Wednesday, September 9 by Scotia Capital. RBC Capital Markets maintained it with “Outperform” rating and $18.50 target price in Tuesday, October 11 report. The company was maintained on Monday, June 20 by RBC Capital Markets. As per Monday, October 24, the company rating was maintained by RBC Capital Markets. RBC Capital Markets maintained Concordia International Corp (TSE:CXR) on Monday, May 16 with “Outperform” rating. RBC Capital Markets maintained the stock with “Outperform” rating in Tuesday, June 7 report. The stock of Concordia International Corp (TSE:CXR) has “” rating given on Friday, July 22 by Goldman Sachs.
More notable recent Concordia International Corp (TSE:CXR) news were published by: Business.Financialpost.com which released: “Concordia International shares plummet to record low after drugmaker suspends …” on November 07, 2016, also Prnewswire.com with their article: “Concordia International Corp. Announces Communication With CMA” published on October 25, 2016, Finance.Yahoo.com published: “Concordia International Corp. Announces CEO Transition Plan” on October 21, 2016. More interesting news about Concordia International Corp (TSE:CXR) were released by: Marketwatch.com and their article: “Concordia International Corp. Announces Second Cross Currency Swap Agreement” published on November 01, 2016 as well as Prnewswire.com‘s news article titled: “Shareholder Class Action Filed Against Concordia International Corp. – CXRX” with publication date: August 17, 2016.
Concordia International Corp, formerly Concordia Healthcare Corp, is a Canada pharmaceutical company. The company has a market cap of $137.54 million. The Company, through subsidiaries, owns a portfolio of branded and generic prescription products. It currently has negative earnings.
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