FEMY update... a few oddities... and "the usual" in trading and market myopia.
Sept 26, 2023 FEMY (@ $1.17) On Tuesday, Sept 26, FEMY stock soared after the FDA announced it approved FEMY's new, effective, and vastly lower cost invitro fertilization tool. The approval leaves FEMY in very good position, with many other products in the pipeline, but newly able to succeed by marketing its IVF tool. It is a well defined opportunity in a wide open market. FEMY's tool moves user costs from thousands of dollars to tens of dollars... with the potential to expand the market meaningfully, making it more affordable, and thus more accessible to more people. Analysts (4) held the stock with a buy, and on Wednesday they moved target prices up from the previous high of $5 to a new range of $7 to $13, with a new average target price of $10.
Interesting to note: The stock traded at $0.30 the prior week, and on Monday before the news, traded up from $0.30 to $0.35... on Tuesday moved up to $1.38 in trading before the open... I found it not due to superior effort in DD while looking... but randomly noted it as a "mover"... and took a quick look... and judged its upside likely much larger than the $5 analysts suggested... while the trading pattern Tuesday, and into Wednesday, still suggested "being over-looked".
The stock moved up later in the week with greater strength apparent in the move than in the trading on Tuesday or Wednesday... that change in pattern becoming apparent only following publication of reports on the changed analyst expectations... that change apparently having more impact on the post-news trading patterns than did the release of news on the FDA approval.
"Average" daily volume (per Yahoo) moved up this week, to just under 10 million shares/day... but, Friday's trading volume was 160 million... making it worth noting there are only 15 million shares, with a float of 12.83 million as insiders hold almost 15%. Tuesday had good volume, but there was very little volume on Wednesday, it trading "flat" between $1.06 and $1.22... perhaps a machine "suppression" trade enabling accumulation ? On Thursday, traded from a low of $1.02 at the open to a high of $1.75, with more volume coming back in again driving the moves higher. And then, Friday started out with the first candle on Yahoo's basic charts showing the day opening with 27 million shares traded in the first period... each subsequent period of 30 minutes showing it trading far more than the entire float in each and every half hour, up until noon... when the computers driving the trade apparently had scheduled lunch and a golf date for Friday afternoon... /s
The chart shows it peaked at $3.58 at 11:45 on Friday... and closed at $3.02... but, the headline on the Yahoo page says it closed at $2.22 +0.7000 (+46.0526%)... while the chart including the afterhours shows it never falling anywhere near that low, trading between $2.85 (at 4:15) and $3.17 in after hours, ending at $3.12 after trading above $3 from 4:45 until 8 in the afterhours. Hmmm.
Analyst calls, and changes reported in the news, also appear "all over the map"... The driver in the news reports apparently focusing mostly on HC Wainright's maintaining a buy rating while upgrading price targets from $5 to $13... This page... gives a different view of analyst ratings than I'm seeing elsewhere... covering only 3 of now said to be 4 analysts covering the stock. "Different" meaning two of the analysts shown have held and just issued a "maintain" or "reiterate" of a "strong buy" rating on the stock... which Yahoo doesn't show... and the bits of news I've seen fail to mention. |
