Precipio (NASDAQ:PRPO) Shares Break Above Fifty Day Moving Average – Here’s Why

Precipio, Inc. (NASDAQ:PRPO) shares crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $23.19 and traded as high as $23.90. Precipio shares last traded at $23.65, with a volume of 17,725 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Precipio in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Precipio has a consensus rating of “Sell”.

Precipio Stock Up 6.5%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.56 and a current ratio of 1.77. The firm has a 50 day simple moving average of $23.19 and a two-hundred day simple moving average of $24.78. The stock has a market cap of $42.33 million, a P/E ratio of -36.95 and a beta of 1.45.

Precipio (NASDAQ:PRPO) last released its quarterly earnings results on Friday, August 14th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.00) by $1.88. The company had revenue of $7.02 million during the quarter, compared to analysts’ expectations of $1.68 million. Precipio had a negative return on equity of 8.49% and a negative net margin of 4.47%.

Institutional Investors Weigh In On Precipio

An institutional investor recently raised its position in Precipio stock. Renaissance Technologies LLC boosted its stake in Precipio, Inc. (NASDAQ:PRPO) by 33.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,300 shares of the biotechnology company’s stock after buying an additional 4,800 shares during the period. Renaissance Technologies LLC owned 1.08% of Precipio worth $482,000 at the end of the most recent quarter. Institutional investors and hedge funds own 10.45% of the company’s stock.

About Precipio

Precipio, Inc. (NASDAQ: PRPO) is a biotechnology and medical diagnostics company focused on improving the diagnosis of cancer and other complex diseases. The company combines specialized pathology expertise with laboratory testing and diagnostic technologies intended to help physicians identify disease accurately and support treatment decisions. Precipio provides clinical laboratory services in areas including hematopathology, cytogenetics and molecular diagnostics. Its work is particularly focused on blood cancers and other hematologic disorders, where accurate classification can be challenging.