Technically Speaking For January 14: ImmunoGen, Inc. (IMGN), CareDx, Inc (CDNA)

ImmunoGen, Inc. (IMGN) rose 13.16% this week, a trend that has led to both investors and traders taking note of the stock. Over the past one year, the equity price has embarked on a drop that has seen it decline -25.37% and is now up by 16.46% since start of this year. A look at its monthly performance shows that the stock has recorded a 3.52% gain over the past 30 days. Its equity price dipped by -27.07% over the past three months which led to its overall six-month decrease to stand at -45.94%.

A look at IMGN technical analysis shows that its 14-day Relative Strength Index (RSI) is in a neutral zone after reaching 59.92 point. Its trading volume has lost -1396214 shares compared to readings over the past three months as it recently exchanged 1383786 shares. This means there is reduced activity from short-term traders as per session, its average trading volume is 2780000 shares, and this is 0.5 times the normal volume.

The price of CareDx, Inc (NASDAQ:CDNA) currently stands at $24.74 after it went down by $-2.45 or -9.01% and has found a strong support at $23.76 a share. If the CDNA price drops below that critical support, then it would lead to a bearish trend. In the short-term, a dip below the $22.77 mark would also be bad for the stock as it means that the stock would plunge by 7.96% from its current position. However, if the stock price is able to trade above the resistance point around $26.37, then it could likely surge higher to try and break the upward resistance which stands at $27.99 a share. Its average daily volatility over the past one month stands at 9.64%. The stock has plunged by 1.37% from its 52-weeks high of $24.4 which it reached on Mar. 12, 2018. In general, it is 80.11% above its 52-weeks lowest point which stands at $4.92 and this setback was observed on Jan. 17, 2018.

Analysts have predicted a price target for CareDx, Inc (CDNA) for 1 year and it stands at an average $36.25/share. This means that it would likely increase by 46.52% from its current position. The current price of the stock has been moving between $24.4 and $27.01. Some brokerage firms have a lower target for the stock than the average, with one of them setting a price target as low as $27. On the other hand, one analyst is super bullish about the price, setting a target as high as $42.

The CDNA stock Stochastic Oscillator (%D) is at 88.34%, which means that it is currently overbought and its prices could dip very soon. The shares P/S ratio stands at 17.08 which compares to the 49.51 recorded by the industry or the 6.26 by the wider sector. The stock currently has an estimated price-earnings (P/E) multiple of 154.62, which is higher than the 111.95 multiple of 12-month price-earnings (P/E). The company’s earnings have gone up, with a quarterly increase rate of 16.5% over the past five years.

Analysts view CareDx, Inc (NASDAQ:CDNA) as a Buy, with 0 consensus rating. Reuters surveyed 4 analysts that follow CDNA and found that 1 of those analysts rated the stock as a Hold. The remaining 3 were divided, with 3 analyst rating it as a Buy or a Strong Buy while 0 analysts advised investors to desist from buying CareDx, Inc (CDNA) shares or sell it if they already own it.