Can Clinuvel Pharmaceuticals Limited’s Tomorrow be Different? The Stock Just Gapped Up

 Can Clinuvel Pharmaceuticals Limited's Tomorrow be Different? The Stock Just Gapped Up

The stock of Clinuvel Pharmaceuticals Limited (ASX:CUV) gapped up by $0.1 today and has $18.93 target or 106.00% above today’s $9.19 share price. The 8 months technical chart setup indicates low risk for the $438.59 million company. The gap was reported on Oct, 28 by Barchart.com. If the $18.93 price target is reached, the company will be worth $464.91 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 26.76% or $1.94 on October 28, hitting $9.19. About 30,888 shares traded hands or 31.79% up from the average. Clinuvel Pharmaceuticals Limited (ASX:CUV) has risen 123.60% since April 1, 2016 and is uptrending. It has outperformed by 118.89% the S&P500.

More important recent Clinuvel Pharmaceuticals Limited (ASX:CUV) news were published by: Businesswire.com which released: “SurModics Signs License Agreement with Clinuvel Pharmaceuticals” on July 07, 2010, also Globenewswire.com published article titled: “Clinuvel to file new drug with FDA”, Seekingalpha.com published: “Scenesse Approval Increases Clinuvel’s Credibility” on October 24, 2014. More interesting news about Clinuvel Pharmaceuticals Limited (ASX:CUV) was released by: Fool.com.Au and their article: “Here’s why these 4 shares crashed on the market today” with publication date: March 07, 2016.

Clinuvel Pharmaceuticals Limited is an Australian biopharmaceutical firm focused on developing drugs for the treatment of a range of severe skin disorders. The company has a market cap of $438.59 million. The Company’s focus is to develop and commercialize SCENESSE as a medicinal photoprotective solution for patients who are most severely affected by ambient light exposure and UV. It currently has negative earnings. The Company’s lead compound, SCENESSE (afamelanotide), a drug targeting erythropoietic protoporphyria (EPP), has completed Phase II and III trials in the United States, Europe and Australia.

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