After Forming Bearish Multiple Bottom Pattern, Is Molecular Templates, Inc. (MTEM)’s Near-Term Analysis Negative?

The stock of Molecular Templates, Inc. (MTEM) shows a multiple bottoms pattern with $4.79 target or 7.00 % below today’s $5.15 share price. The 6 months chart pattern indicates high risk for the $187.96M company. It was reported on Dec, 2 by Finviz.com. If the $4.79 price target is reached, the company will be worth $13.16 million less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 5.10% or $0.25 during the last trading session, reaching $5.15. About 188,141 shares traded. Molecular Templates, Inc. (NASDAQ:MTEM) has declined 41.82% since December 2, 2017 and is downtrending. It has underperformed by 57.44% the S&P500.

More notable recent Molecular Templates, Inc. (NASDAQ:MTEM) news were published by: Globenewswire.com which released: “Molecular Templates, Inc. Reports Second Quarter 2018 Financial Results – GlobeNewswire” on August 09, 2018, also Seekingalpha.com with their article: “Molecular Templates prices public offering of common stock – Seeking Alpha” published on September 21, 2018, Globenewswire.com published: “Study on Molecular Templates’ PD-L1 ETB with Antigen Seeding Technology Presented at SITC Annual Meeting – GlobeNewswire” on November 09, 2018. More interesting news about Molecular Templates, Inc. (NASDAQ:MTEM) were released by: Globenewswire.com and their article: “Consolidated Research: 2018 Summary Expectations for RadNet, Molecular Templates, Federated Investors, Kadant, Heartland Financial, and Calyxt — Fundamental Analysis, Key Performance Indications – GlobeNewswire” published on March 30, 2018 as well as Globenewswire.com‘s news article titled: “Molecular Templates Presents Clinical Data at the American Society of Clinical Oncology (ASCO) Annual Meeting 2018 – GlobeNewswire” with publication date: June 04, 2018.

Molecular Templates, Inc., a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of immunotoxins called engineered toxin bodies for the treatment of cancer and other serious diseases. The company has market cap of $187.96 million. It develops MT-3724, a lead drug candidate that is in a Phase 1 clinical trial in heavily pre-treated non-Hodgkin's lymphoma patients; MT-4019, a preclinical drug candidate targeting CD38; and evofosfamide, an investigational hypoxia-activated prodrug of a bis-alkylating agent that is preferentially activated under severe hypoxic tumor conditions, a feature of many solid tumors. It currently has negative earnings.

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