Transcription
This is CNS Pharmaceuticals. CNS Pharmaceuticals shares are trading higher after the company announced a 22.5 million private placement of 650,000 shares at 230 per share and warrants. Well, you can see the stock popped here. $10 seems to be the very clear resistance. This has done a great job of holding the VWAP here as support. So, maybe we'll get uh one of those.
By the way, I had said earlier when we first got on here that there was a fair value gap trade that had worked out. That was this one. Uh, that gap is no longer unmmitigated. So, uh, just take that for whatever it's worth. Quick peek at the short interest on this name. 7.19% of the float shorted. 1.89 days to cover. On average, the stock is a ghost town. 31,000 shares. That's it. Lol. 33.53 million here today. Float is under a million though. So, maybe this is one of our movers. 13. What do you think on this?
>> Uh, great to see that we have uh oversubscribed private placement. Usually that really gets these uh movers going. Uh company doesn't have any revenue, but it has cash now, so uh I don't think there's going to be a risk of them having to raise anytime soon. Uh very small float, so that's going to see some uh pretty nice uh dicey movement here of the uh the price action.
Now, one thing that was interesting here was uh I was looking on the website of this company and I noticed uh that when I was you trying to get a feel for their uh pipeline and you can even go there too and uh look yourself. Um they are looking for partners uh to outlic a couple of their drugs specifically their TPI 287 and uh uh uh Barubic. So, uh, those could be future headlines that may need to require a little bit more digging. Uh, but they are looking for partners. So, there could be a future headline with CNSP that they, you know, found somebody to uh, uh, take over and, uh, partner with them on that. So, a couple of things there uh, to look forward to with that one.
As far as a chart goes, uh, this looks like a lot of the good price action may have already happened. Yeah. >> I don't want to say that this is uh done, but it looks like we, you know, there may be a limited amount of upside. I think what I'd want to watch for here is uh whether or not we get support from the 65 EMA and the 250 level. If we lose both of those, then I think that it's probably not going to be one we want to trade in the morning.
>> Okay. Uh Zach here summing it up. 2.3 to 8. Not my cup of tea, but we'll watch. Yeah, we'll see if we get another trade setup here. I would emphasize being careful, too. There's very few reasons why you would want to buy a stock up 280% on a