Prana Biotechnology Limited (PRAN)’s Bearish Multiple Bottom Pattern Points to Higher Stock Risks

September 16, 2018 - By Margaret Guttierez

The stock of Prana Biotechnology Limited (PRAN) shows a multiple bottoms pattern with $1.81 target or 9.00 % below today’s $1.99 share price. The 9 months chart pattern indicates high risk for the $17.02 million company. It was reported on Sep, 16 by Finviz.com. If the $1.81 price target is reached, the company will be worth $1.53M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 7.57% or $0.14 during the last trading session, reaching $1.99. About 14,878 shares traded. Prana Biotechnology Limited (NASDAQ:PRAN) has declined 29.09% since September 16, 2017 and is downtrending. It has underperformed by 44.71% the S&P500.

More news for Prana Biotechnology Limited (NASDAQ:PRAN) were recently published by: Streetinsider.com, which released: “Form 6-K PRANA BIOTECHNOLOGY LTD For: Aug 31” on August 31, 2018. Streetinsider.com‘s article titled: “Form 6-K PRANA BIOTECHNOLOGY LTD For: Sep 04” and published on September 04, 2018 is yet another important article.

Prana Biotechnology Limited develops therapies for the treatment of Alzheimer's disease, Huntington disease, and other neurodegenerative disorders in Australia. The company has market cap of $17.02 million. The Company’s lead drug candidates include PBT2, which is in Phase IIb clinical trials for the treatment of AlzheimerÂ’s: and that is in Phase IIa clinical trials for the treatment of HuntingtonÂ’s diseases. It currently has negative earnings. The firm is also developing PBT434, which is in preclinical toxicology stage for the treatment for ParkinsonÂ’s disease and other movement disorders; and PBT 519 that is in preclinical toxicology stage for the treatment of brain cancer.

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