After gapping from $90 to $65, the stock appears to have caught strong support, and is just beginning to pivot higher. All after the company announced, “the publication of preclinical data demonstrating that its off-the-shelf, multiplexed-engineered, iPSC-derived NK cell product candidate FT538 exhibits significantly enhanced serial killing and functional persistence compared to peripheral blood NK cells.”
With patience, the stock could refill its bearish gap around $90 a share.
In addition, analysts at Morgan Stanley recently initiated an equal weight rating on the stock, with a target price of $77. Cathie Wood’s ARK Investment also bought 529,000 shares on the pullback. Piper Jaffray says the sell-off is a buying opportunity, and has a $113 target.