Core Viewpoint - Acurx Pharmaceuticals, Inc. (ACXP) has experienced a 15.9% decline in share price over the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with reduced selling pressure and a potential shift in control from bears to bulls [2][4]. - This pattern is characterized by a small candle body with a long lower wick, suggesting that after reaching a new low, buying interest has emerged to push the stock price up towards the opening price [3][4]. Fundamental Analysis - There has been a notable upward trend in earnings estimate revisions for ACXP, which is a bullish indicator as it typically leads to price appreciation [6]. - The consensus EPS estimate for the current year has increased by 44.7% over the last 30 days, indicating strong agreement among Wall Street analysts regarding the company's improved earnings potential [7]. - ACXP holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperforms the market [8].
Acurx Pharmaceuticals (ACXP) May Find a Bottom Soon, Here's Why You Should Buy the Stock Now