Regencell Bioscience (NASDAQ:RGC) Shares Gap Up - Here's What Happened

Key Points

• Regencell shares gapped up pre-market to $62.00 from a $52.88 close but were last trading at $37.40 on heavy volume of 1,740,340 shares, suggesting a sharp intraday reversal.
• Weiss Ratings reiterated a Sell (e+) rating and the stock's consensus analyst rating is currently Sell.
• Technicals show the 50‑day and 200‑day moving averages at $17.39 and $16.15 respectively, and institutional ownership is very low at 0.13% despite several recent hedge fund purchases.

Regencell Bioscience Holdings Limited (NASDAQ:RGC - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $52.88, but opened at $62.00. Regencell Bioscience shares last traded at $37.40, with a volume of 1,740,340 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Regencell Bioscience in a research note on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of "Sell".

Regencell Bioscience Price Performance

The company's 50 day moving average is $17.39 and its 200 day moving average is $16.15.

Hedge Funds Weigh In On Regencell Bioscience

A number of institutional investors and hedge funds have recently modified their holdings of RGC. Greenfield Savings Bank bought a new stake in Regencell Bioscience during the second quarter worth $187,000. Y Intercept Hong Kong Ltd purchased a new position in Regencell Bioscience during the 2nd quarter worth $222,000. XTX Topco Ltd bought a new stake in shares of Regencell Bioscience in the 3rd quarter worth $598,000. BNP Paribas Financial Markets purchased a new stake in shares of Regencell Bioscience in the second quarter valued at about $768,000. Finally, Squarepoint Ops LLC bought a new position in shares of Regencell Bioscience during the second quarter valued at about $1,701,000. 0.13% of the stock is currently owned by institutional investors.

About Regencell Bioscience

Regencell Bioscience Holdings Limited operates a Traditional Chinese medicine (TCM) bioscience company. It focuses on the research, development, and commercialization of TCM for the treatment of neurocognitive disorders and degeneration, primarily attention deficit hyperactivity disorder and autism spectrum disorder. The company was incorporated in 2014 and is headquartered in Causeway Bay, Hong Kong.

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