Jaguar Health (NASDAQ:JAGX) stock is jumping higher on Wednesday after an analyst initiated coverage of the shares with a positive rating.
The analyst behind the news boosting JAGX stock up today is Louise Chen from Cantor Fitzgerald. They kicked off coverage of the stock with an overweight rating. It’s worth pointing out that Chen is the only Wall Street analyst covering the company.
To go along with the Cantor Fitzgerald analysts’ bullish rating comes and strong price target for JAGX stock. Chen issues a price target of $5 per share for the company’s stock. That represents a potential 235.6% upside compared to the stock’s closing price of $1.49 on Tuesday, reports TheFly.com.
So why is Chen taking such a bullish stance on this penny stock? They believe that the company is undervalued and that its product pipeline is strong. The analyst is expecting the stock to see gains when others on Wall Street issue updated earnings expectations for the company.
The bullish stance on Jaguar Health has the stock seeing incredibly heavy trading today. As of this writing, more than 16 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 11.1 million shares.
JAGX stock was up 8% as of Wednesday afternoon and but is down 9.6% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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