Syros Pharmaceuticals Inc. (NASDAQ: SYRS) shares rose in value Tuesday Dec 6 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks looked for direction on Tuesday with the Dow industrials trying for a fresh record a day after closing at an all-time high in the previous session.
The Dow Jones Industrial Average DJIA, -0.08% opened little-changed at 19,221, the S&P 500 index SPX, -0.01% climbed 2 points, or 0.1%, at 2,206, while the Nasdaq Composite Index COMP, +0.20%
Analysts at Zacks Investment Research upgraded shares of Syros Pharmaceuticals Inc. (NASDAQ: SYRS) from Sell to Hold today. The company currently has a rating of Hold on the shares. The one-year price target of $19.60 is above the opening price of $15.90, that has caused a fair amount of other analysts to comment on the stock recently. Looking back over the last 52 weeks, Syros Pharmaceuticals Inc. stock has a high of $21.50. Stock prices sometimes get a boost to the upside when analysts upgrade a stock.
Syros Pharmaceuticals Inc. (NASDAQ: SYRS) shares last traded at $16.20, which represents a jump of $0.44 or 2.79% over the previous closing price. Opening at $15.90, they varied from $15.90 and $16.20 throughout the day.
Syros Pharmaceuticals Inc. (NASDAQ: SYRS) currently has a market cap of 378.76M.
Syros Pharmaceuticals Inc. (NASDAQ: SYRS) Average Daily Trading Volume
1,398 shares crossed the trading desk yesterday, below the average, out of a total float 7,335,000. Trading volume is likely to increase in the next few days as momentum traders often use swings in trading volume to identify substantial volume aggregation or dissemination by institutional investors.
However, a single day of heavy buy side trading is not enough to affirm a trend. As such, market traders will continue to look for institutional sponsorship as an indicator that financial institutions are moving forward.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have substantial teams of analysts that investigate thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
Syros Pharmaceuticals Inc. (NASDAQ: SYRS) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
With that in mind, Syros Pharmaceuticals Inc. (NASDAQ: SYRS) now has a 50-day MA of $13.56 and 200-day MA of $13.14. It has traded in a 52-week range between $8.16 – 21.50 and today’s last price is 24.65%% lower than the 52 week high of $21.50.
Earnings growth is an important factor to consider when investing in stocks and investors seek companies that have raised their earnings by at least 25% over the past 3 years.
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