Aevi Genomic Medicine Inc (NASDAQ: GNMX) is making a run for the top in the market this morning. However, if you’re digging for press releases or SEC filings, you’re going to be upset. There’s nothing out there.
Nonetheless, we believe that we’ve found the cause for the gains. Today, we’ll talk about:
- Why GNMX stock is making a run for the top;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Why GNMX Stock Is Running For The Top
As mentioned above, Aevi Genomic Medicine is having a strong start to the trading session this morning. However, with no news out, many are scratching their heads wondering why it is that the stock is making a run.
The truth is that without news, there’s no clear reason for the gains, but we believe that we know why it is running. Recently, GNMX has been slowly making its way from the bottom after dramatic declines a few months ago.
The slow, yet steady gains that we’ve seen have led to some pretty strong bullish signals for traders. So, I believe that the run in value that we’re seeing is nothing more than traders trading.
While the move is largely led by traders seeing an opportunity in the chart, it is worth mentioning that GNMX is a stock that receives quite a bit of institutional support. In fact, institutional ownership of the stock sits at more than 19%.
What We’re Seeing From The Stock
While there is no news out on Aevi Genomic Medicine, technical traders are taking hold of this stock, sending it on a run for the top. Based on the chart, it seems like there’s plenty more room ahead.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:02), GNMX is trading at $0.31 per share after a gain of $0.067 per share or 27.27% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on GNMX. In particular, we’re interested in following the run to see just how high traders push the stock. Moreover, we’re keeping a close eye on the development of AEVI-002 as the treatment is showing promise in the Crohn’s disease space. Nonetheless, we’ll follow the news closely and bring it to you as it breaks!
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