A bearish tone that had engulfed Signal Genetics Inc (NASDAQ:SGNL) in the market is slowly subsiding, short interest positions having dropped by 3.05% this month alone. Short interest positions currently stand at 349,200 contracts, down from 360,200 contracts as of the start of the month.
The commercial stage molecular diagnostic firm has underperformed the S&P 500 by 76.73% this year. The stock has already shed 70.99% in market value from highs registered in December of 2015. Amidst the rout, sentiments around the stock have been picking up in recent trading sessions even though the stock continues to trade on a downtrend.
Improving Investor Sentiments
Institutional investor sentiment has also improved since the fourth quarter of last year. Seven new investment manager have already started or increased their position in the stock. Institution investors currently control 756, 291 Signal Genetics Inc (NASDAQ:SGNL) shares up from 663,405 shares as of the third quarter of last year.
Perkins Capital Management is one of the institutional investors with the largest stake in the company, standing at 0.08%. Investor Capital Advisory Services currently owns 38,250 shares. Signal Genetics Inc (NASDAQ:SGNL) overall rating in the market has so far been positive analysts having set a 12-month consensus price target of $3.08 a share
Signal Genetics Inc (NASDAQ:SGNL) appears to be a value proposition at the current trading levels as it is $0.12 above its 52-week low of $0.41 a share. Thompson value having completed an industry survey of the stock has given it a 52-week price estimate of $3.080 a share.
Last year the company posted earnings per share of $-1.646 a share. It now expects earnings per share of $-0.760 against the street’s estimates of $-0.190.
Headquartered in New York Signal Genetics Inc (NASDAQ:SGNL) is focused on providing diagnostic services for the care of cancer patients. Its Flagship product is the Myeloma Prognostic Risk Signature.