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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