RPRX short interest surges, indicating growing pessimism among investors

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Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Royalty Pharma plc shares valued at $983,504 were sold by RIGGS RORY B on Jan 04 ’24. At $27.55 per share, RIGGS RORY B sold 35,702 shares. The insider’s holdings dropped to 20,099 shares worth approximately $0.6 million following the completion of this transaction.

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Also, RIGGS RORY B sold 199,098 shares, netting a total of over 5,532,276 in proceeds. Following the sale of shares at $27.79 each, the insider now holds 55,801 shares.

Before that, RIGGS RORY B had sold 235,200 shares from its account. In a trade valued at $6,707,081, the Director traded Royalty Pharma plc shares for $28.52 each. Upon closing the transaction, the insider’s holdings decreased to 235,200 shares, worth approximately $7.62 million.

Analysts at Scotiabank started covering the stock with ‘”a Sector outperform”‘ outlook in a report released in mid May. As of April 27, 2022, Goldman has initiated its “Buy” rating for RPRX. Earlier on April 14, 2022, JP Morgan upgraded its rating. Their new recommendation was “an Overweight” for RPRX stock which previously was a “a Neutral”.

Analyzing RPRX Stock Performance

During the last five days, there has been a surge of approximately 0.47%. Over the course of the year, Royalty Pharma plc shares have jumped approximately 6.37%. Shares of the company reached a 52-week high of $31.66 on 02/27/24 and a 52-week low of $27.17 on 01/08/24. A 50-day SMA is recorded $29.31, while a 200-day SMA reached $29.19. Nevertheless, trading volume fell to 1.72 million shares from 2.03 million shares the previous day.

Support And Resistance Levels for Royalty Pharma plc (RPRX)

According to the 24-hour chart, there is a support level at 29.63, which, if violated, would cause prices to drop to 29.39. In the upper region, resistance lies at 30.35. The next price resistance is at 30.83. RSI (Relative Strength Index) is 49.82 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.21, which suggests the price will decrease in the coming days. Percent R is at 72.75%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Royalty Pharma plc subject to short interest?

Stocks of Royalty Pharma plc saw a sharp rise in short interest on Feb 29, 2024 jumping by 2.85 million shares to 13.13 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 10.28 million shares. A jump of 21.71% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.91 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.91.

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