The stock of Psychemedics Corp. (NASDAQ:PMD) hit a new 52-week high and has $48.62 target or 94.00% above today’s $25.06 share price. The 5 months bullish chart indicates low risk for the $141.13 million company. The 1-year high was reported on Nov, 18 by Barchart.com. If the $48.62 price target is reached, the company will be worth $132.66M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 12,671 shares traded hands. Psychemedics Corp. (NASDAQ:PMD) has risen 74.04% since April 18, 2016 and is uptrending. It has outperformed by 69.61% the S&P500.
According to Zacks Investment Research, “Psychemedics Corporation provides testing services for the detection of abused substances through the analysis of hair samples. Their testing methods utilize a patented technology for performing immunoassays on enzymatically dissolved hair samples with confirmation testing by mass spectrometry.”
Insitutional Activity: The institutional sentiment increased to 1.28 in 2016 Q2. Its up 0.59, from 0.69 in 2016Q1. The ratio improved, as 1 funds sold all Psychemedics Corp. shares owned while 12 reduced positions. 3 funds bought stakes while 6 increased positions. They now own 2.80 million shares or 2.25% less from 2.87 million shares in 2016Q1.
Connors Investor Svcs accumulated 0.03% or 12,300 shares. Moreover, Morgan Stanley has 0% invested in Psychemedics Corp. (NASDAQ:PMD) for 2,425 shares. Punch And Invest Management Incorporated holds 0.15% of its portfolio in Psychemedics Corp. (NASDAQ:PMD) for 95,360 shares. Renaissance Technologies Ltd Liability Com, a New York-based fund reported 407,100 shares. Deprince Race Zollo accumulated 36,497 shares or 0.01% of the stock. Janney Montgomery Scott Limited Liability Corporation holds 0.01% or 43,702 shares in its portfolio. Royal Financial Bank Of Canada reported 65 shares or 0% of all its holdings. Blackrock Advisors Lc has 0% invested in the company for 2,424 shares. State Bank Of America Corp De reported 18,095 shares or 0% of all its holdings. Planning last reported 0.04% of its portfolio in the stock. California Public Employees Retirement Systems has 0% invested in the company for 48,160 shares. Tieton Mgmt Limited Liability Company owns 319,313 shares or 4.27% of their US portfolio. Blackrock Limited Liability Company last reported 0% of its portfolio in the stock. Crawford Counsel holds 0.1% or 175,798 shares in its portfolio. The California-based Rbf Cap Limited Liability Corporation has invested 0.21% in Psychemedics Corp. (NASDAQ:PMD).
Insider Transactions: Since November 14, 2016, the stock had 0 insider purchases, and 1 sale for $235,600 net activity. 10,000 Psychemedics Corp. (NASDAQ:PMD) shares with value of $235,600 were sold by Dyke James V..
More notable recent Psychemedics Corp. (NASDAQ:PMD) news were published by: Prnewswire.com which released: “Psychemedics Corporation Announces Record Revenues and Earnings” on October 26, 2016, also Seekingalpha.com with their article: “Psychemedics Corp. – After A Long Wait, Finally Some Big Results” published on July 29, 2016, Streetinsider.com published: “Form 4 PSYCHEMEDICS CORP For: Nov 14 Filed by: Dyke James V.” on November 16, 2016. More interesting news about Psychemedics Corp. (NASDAQ:PMD) were released by: Quotes.Wsj.com and their article: “Psychemedics Corp. PMD (US: Nasdaq)” published on February 12, 2011 as well as Prnewswire.com‘s news article titled: “Psychemedics Corporation Expands Board Of Directors” with publication date: September 17, 2015.
PMD Company Profile
Psychemedics Corporation (Psychemedics), incorporated on September 24, 1986, provides hair testing for drugs of abuse, utilizing a hair analysis method involving digestion of hair, enzyme immunoassay (EIA) technology and confirmation by mass spectrometry to analyze human hair to detect abused substances. The Firm operates in drug testing services segment. The Firm is in the business of performing drug testing and reporting the results thereof. The Company’s drug testing services include training for collection of samples and storage of positive samples for its clients for an agreed-upon fee per unit tested of samples. The Company’s primary application of its technology is as a testing service that analyzes hair samples for the presence of certain drugs of abuse.
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