Pharma Stock to Watch - CNS Pharmaceuticals (CNSP)
$CNS Pharmaceuticals, Inc.(CNSP)$ has informed that their current expectation is that cash on hand is sufficient to fund operations beyond interim analysis and into Q4 2023.
On 19 May 23 trading day, it has a pretty nice move up in after hours trading before settling down to a flat.
I would use the BUY volume to assess if there is investors interest in this stock, there are quite a large BUY volume between 5-6pm(EST) on 19 May 23.
This might mean we could be seeing a nice Gap up when premarket open today (22 May 23).
Monitor and Observer Extended Hour Trading
There have been a nice upward trend following a nice increase in BUY volume in after hours trading. There is no apparent news for this stocks.
They have reported their earnings on 15 May 23, which they indicated that their cash on hand is enough to last them through 2023.
Though their EPS is negative, for pharmaceutical companies, I believe cash is important to fund their research and also product development.
I would say this stock is worth to monitor and trade in the coming week (22May-26May).
Trading View - Bull/Bear Power
Looking at the Bull/Bear power, look like it is building up, but I expect a short bear strength to appear in premarket which would present a good time to enter.
CNSP Technical Indicators (MACD)
Though CNS Pharmaceutical’s (CNSP) Relative Strength Index (RSI) is 46.00, creating a Neutral signal, CNS Pharmaceutical’s (CNSP) Trend Strength Indicator (ADX) is 35.17, creating a Neutral signal.
I would look at MACD(12,26) as the indicators which show a BUY signal.
This is important in showing the current changes in a trend's direction, strength, momentum, and duration in the underlying stock price.
Summary
I would look at to enter for CNSP at around $1.80 to $1.90 during premarket on 22 May 2023.
This would be a quick swing trade if possible, as I foresee that the uptrend would be a short one.
Appreciate if you could share your thoughts in the comment section if you will be looking to trade CNSP.
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Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
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