Jaguar Health (NASDAQ:JAGX) Stock Gains Momentum: What To Do Now?
Analyst coverage on Jaguar Health (NASDAQ:JAGX) led to the stock surge on Wednesday. Louise Chen from Cantor Fitzgerald gave a positive news on the stock with an overweight rating. It is worth mentioning that the analyst is the only analyst from Wall Street covering the firm.
Cantor Fitzgerald’s bullish rating and a robust price target for JAGX of $5 per share is a positive news for the company, meaning almost a 235.6% upside vis-à-vis the share’s closing price of $1.49 on the previous day.
It is intriguing on why the analyst is bullish on the penny stock! This is because the Wall Street analyst feels that the firm is undervalued and having a robust pipeline, the analyst is anticipating the stock to surge when others give updated earnings expectations on the firm.
Heavy volumes have been witnessed on the Jaguar Health stock due to the strong sentiment and interest. Over 16 million shares changed hands in the last few hours. Just to give a perspective, the firm’s daily average trading volume is about 11.1 million shares. The firm’s shares climbed by 7% on Wednesday but are almost 10% below compared to the year beginning. It is felt that there is significant room for growth in the company.
Market Reaction:
On Wednesday, JAGX stock jumped 6.71% at $1.59 with more than 20.35 million shares, compared to its average volume of 11.18 million shares. The stock had moved within a range of $1.5300 – 1.7200 after opening the trade at $1.66. Over the past 52-week, the stock has been trading within a range of $0.1850 – 4.4700.
