A patent for the company's DNAbilize technology was added to its intellectual property portfolio
The shares of Bio-Path Holdings Inc (NASDAQ:BPTH) are near the top of the Nasdaq this morning, after the company updated its intellectual property portfolio with a second platform technology patent, issued by the United States Patent and Trademark Office on July 2, for its DNAbilize technology, used to treat cancers and other diseases. The equity is up 6.6% at $11.20.
This surge comes just one day after BPTH hit a six-month low of $10.34. In fact, since the stock spiked to a two-year high north of $73 on March 7, it's shed almost 85% -- guided lower by emerging pressure at its 60-day moving average.
Against this backdrop, a short-term bounce may have been in the cards, though. BPTH's 14-day Relative Strength Index (RSI) settled last night at 31, putting the equity on the cusp of being "oversold."
On the sentiment front, just one analyst covers the stock. The firm remains bullish with its "buy" rating and $28 target price -- a level BPTH hasn't finished north of since mid-March.
Elsewhere, short sellers have been cashing out during the stock's longer-term slide, with short interest down 23% in the last two reporting periods. Short sellers still have a handle on the stock, though, with the 196,855 shares sold short making up 7.1% of BPTH stock's available float.