SINT also surged after scoring a Missile Defense Agency contract
Altimmune Inc (NASDAQ:ALT) and SINTX Technologies Inc (NASDAQ:SINT) are trending today. The former announced its experimental drug to treat nonalcoholic fatty liver disease (NAFLD) patients met the main goal of an early-stage trial, and the latter secured a contract from the Missile Defense Agency for electrochemical machining. Below, let’s dig deeper into how ALT and SINT are responding to these updates.
ALT Looks Ripe for Short Squeeze
Last seen up 15.6% at $13.76, ALT earlier broke through long-term resistance at its 80-day moving average to trade at its highest level since mid-September. The shares are building off yesterday’s roughly 16% gain, and are adding to a healthy 47.8% year-to-date lead.
A short squeeze could fuel additional tailwinds. Though short sellers are already hitting the exits, with short interest down 10% during the most recent reporting period, the 6.56 million shares sold short still make up a hefty 13.4% of Altimmune stock’s available float.
Technical Resistance Pressures SINT
SINT is surging as well, up 79.4% at $13.40 at last check. The security is bouncing off yesterday’s record low of $6.46, though its 60-day moving average and the $15 level are capping today’s gains. Over the past 1-2 months, SINTX Technologies stock is down 83.7%.
There are only two brokerages covering the security, but they are both bullish with a “buy” rating. Plus, the stock’s 12-month consensus target price of $117.50 is a 849.1% premium to current levels.
Image and article originally from www.schaeffersresearch.com. Read the original article here.