Onward Medical shares break below their €2.07 support and drop 10.5%
The stock falls sharply intraday after an analyst cut its price target, on the day the company publishes its quarterly results. The decline extends a series of difficult sessions and pushes the share price below levels monitored for several months.
A two-year low pushing the stock below all its moving averages
Onward Medical shares lose 10.54% to €1.91, after touching €1.95 intraday, their largest two-year decline (the previous low was €2.02).
The stock has broken its former €2.07 support, now turned resistance, and no visible floor appears over the last 250 sessions. It trades 15.11% below its MM20 and 35.03% below its MM200, illustrating the magnitude of the slide: performance is -16.48% over three months and -54.53% over one year.
The RSI at 26 reflects an oversold configuration, with no signal value for what follows. This move contrasts with a stable market: the CAC 40 falls 0.02% and the SBF 120 is flat.
Revenue of €2.5 million published the same day, and a €6 target at KBC
Onward Medical published its third-quarter revenue this morning: €2.5 million, of which €2.0 million came from the sale and provision of the ARC-EX system.
The group sold 88 units, up 120% year on year, mainly intended for home use. It enrolled 31 participants in Empower BP, its global pivotal study, and reports cash of €73.4 million.
On the analyst opinions front, KBC Securities lowered its target from €8.10 to €6.00 yesterday while maintaining a buy rating: this target remains more than three times higher than the current share price. The risks cited by the company in connection with this publication concern notably the regulatory approval timelines for ARC-IM therapies.
