Truist slashes price target on Athenex Inc. [ATNX] – find out why.

Athenex Inc. [NASDAQ: ATNX] slipped around -0.02 points on Wednesday, while shares priced at $0.50 at the close of the session, down -3.88%. The company report on August 11, 2022 that Athenex, Inc. Announces Pricing of $30 Million Public Offering of Common Stock and Warrants.

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Athenex, Inc. (“Athenex”) (Nasdaq: ATNX), a global biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies for the treatment of cancer and related conditions, today announced the pricing of its underwritten public offering of 35,333,334 shares of its common stock and accompanying warrants to purchase up to 35,333,334 shares of common stock at a combined public offering price of $0.75 per share and accompanying warrant and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 4,666,666 shares of its common stock and accompanying warrants to purchase up to 4,666,666 shares of common stock at a combined public offering price of $0.749 per share and accompanying warrant. The pre-funded warrants have an exercise price of $0.001 per share, are exercisable immediately, and will expire five years following the date of issuance. The warrants have an exercise price of $1.00 per share, are exercisable immediately, and will expire five years following the date of issuance. The gross proceeds to Athenex from the offering, before underwriting discounts and commissions and offering expenses, are expected to be approximately $30 million. The offering is expected to close on August 15, 2022, subject to customary closing conditions.

Athenex intends to use the net proceeds from the proposed offering to fund ongoing clinical development for its product candidates and for working capital and other general corporate purposes.

Athenex Inc. stock is now -63.24% down from its year-to-date (YTD) trading value. ATNX Stock saw the intraday high of $0.52 and lowest of $0.47 per share. The company’s 52-week high price is 3.91, which means current price is +23.43% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 1.98M shares, ATNX reached a trading volume of 3384101 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Athenex Inc. [ATNX]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ATNX shares is $2.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ATNX stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Truist have made an estimate for Athenex Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on March 02, 2021. While these analysts kept the previous recommendation, SVB Leerink raised their target price from $22 to $5. The new note on the price target was released on March 02, 2021, representing the official price target for Athenex Inc. stock.

The Average True Range (ATR) for Athenex Inc. is set at 0.11, with the Price to Sales ratio for ATNX stock in the period of the last 12 months amounting to 0.53. The Price to Book ratio for the last quarter was 4.55, with the Price to Cash per share for the same quarter was set at 0.19.

How has ATNX stock performed recently?

Athenex Inc. [ATNX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -54.95. With this latest performance, ATNX shares dropped by -20.52% in over the last four-week period, additionally sinking by -41.52% over the last 6 months – not to mention a drop of -84.76% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ATNX stock in for the last two-week period is set at 42.28, with the RSI for the last a single of trading hit 37.83, and the three-weeks RSI is set at 44.68 for Athenex Inc. [ATNX]. The present Moving Average for the last 50 days of trading for this stock 0.5777, while it was recorded at 0.5229 for the last single week of trading, and 0.9715 for the last 200 days.

Athenex Inc. [ATNX]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Athenex Inc. [ATNX] shares currently have an operating margin of -89.23 and a Gross Margin at +31.43. Athenex Inc.’s Net Margin is presently recorded at -159.79.

Return on Equity for this stock declined to -166.33, with Return on Assets sitting at -57.78.

Athenex Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.30.

Insider trade positions for Athenex Inc. [ATNX]

There are presently around $18 million, or 42.10% of ATNX stock, in the hands of institutional investors. The top three institutional holders of ATNX stocks are: PERCEPTIVE ADVISORS LLC with ownership of 13,532,467, which is approximately 0% of the company’s market cap and around 5.50% of the total institutional ownership; VANGUARD GROUP INC, holding 4,620,805 shares of the stock with an approximate value of $2.31 million in ATNX stocks shares; and MILLENNIUM MANAGEMENT LLC, currently with $2.29 million in ATNX stock with ownership of nearly 104.113% of the company’s market capitalization.

Positions in Athenex Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 36 institutional holders increased their position in Athenex Inc. [NASDAQ:ATNX] by around 6,538,828 shares. Additionally, 51 investors decreased positions by around 11,906,004 shares, while 22 investors held positions by with 17,321,995 shares. The mentioned changes placed institutional holdings at 35,766,827 shares, according to the latest SEC report filing. ATNX stock had 17 new institutional investments in for a total of 1,005,345 shares, while 30 institutional investors sold positions of 4,362,378 shares during the same period.


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