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Watch for Continued Losses in Shares of Aastrom Biosciences (ASTM)

Published on Mon, 06/24/2013 - 14:23
By Peter Chu

Shares of Aastrom Biosciences (NASDAQ:ASTM) traded at a new 52-week low today of $0.45. Approximately 59,000 shares have changed hands today, as compared to an average 30-day volume of 171,000 shares.

Potential upside of 155.3% exists for Aastrom Biosciences, based on a current level of $0.48 and analysts' average consensus price target of $1.23. The stock should run into initial resistance at its 50-day moving average (MA) of $0.59 and subsequent resistance at its 200-day MA of $1.16.

In the past 52 weeks, shares of Aastrom Biosciences have traded between the current low of $0.45 and a high of $2.20 and are now at $0.48. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.7% while the 200-day MA has slid 2.4%.

Aastrom Biosciences, Inc. develops autologous stem/progenitor cell products for the repair/regeneration of tissues based on Tissue Repair Cell (TRC) adult stem cell technology. The Company's products contain bone marrow stem and progenitor cells that are produced from cells originating from the patient.

By Peter Chu
pchu@fnno.com