Among the heaviest declines in the SBF 120, Genfit stock threatens its 8.92€ support level
The Lille-based biotech remains under pressure in mid-morning trading and ranks among the weakest performers on the Paris index. The decline extends a very difficult month in a French market that is posting modest losses.
A support level below 8.92€ breached, three days after an initial warning
The Genfit stock is down 2.37% to 9.08€, among the steepest falls in the SBF 120, while the index is down 0.34%. The price is nevertheless holding above the 8.92€ support level, which had wavered on October 5th before holding up during the session. The gap is now only 1.8%, placing this level at the center of trading. The stock is trading 15.3% below its 20-day moving average and 5.2% below its 200-day moving average, a positioning that confirms medium-term deterioration. The RSI at 33 is approaching the oversold zone without entering it.
Over one month, the decline reaches 34.1%, and nearly 32.2% over three months, far from the 165.7% gains over one year. On net short positions, three funds collectively hold 2.06% of the capital according to available declarations, the latest dated October 2nd. This level has increased by 2.06 percentage points in thirty days, indicating selling pressure that has built up over several weeks. This figure remains modest in absolute terms and is insufficient, on its own, to qualify as a movement of generalized loss of confidence.
A slide that began with first-half results on September 28th
The stock had rebounded on September 28th, leading the SBF 120, before the publication of first-half results. Genfit posted cash reserves of 113.8 million euros and Iqirvo royalties tripled to 21 million euros, but a net loss widened to 26.1 million euros compared to 10 million euros a year earlier. The stock declined the next day and has failed to regain momentum since.
The Paris market is evolving in a context of elevated French interest rates: the 10-year OAT stands at 4.72% according to the latest reading on October 6th, 1.27 percentage points above the Bund. The CAC 40 is down 0.38% this Wednesday. The next support level to watch remains 8.92€, which the price is approaching again this morning.
