Core Viewpoint - Acurx Pharmaceuticals, Inc. (ACXP) has experienced a 17.6% decline in share price over the past week, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottoming out of the stock, with reduced selling pressure likely [2][4]. - This pattern typically forms during a downtrend, where the stock opens lower, makes a new low, but then closes near its opening price, indicating buying interest [3][4]. - Hammer candles can appear on various timeframes and are utilized by both short-term and long-term investors [4]. Fundamental Analysis - There has been a recent upward trend in earnings estimate revisions for ACXP, which is a bullish indicator [6]. - Over the last 30 days, the consensus EPS estimate for the current year has increased by 9.2%, indicating analysts expect better earnings than previously predicted [7]. - ACXP holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, suggesting it is likely to outperform the market [8].
Here's Why Acurx Pharmaceuticals (ACXP) Is a Great 'Buy the Bottom' Stock Now