After being long Idenix Pharmaceuticals Inc. (IDIX) since late May I closed my position on Friday. Over the last two months the company released interim results (good, but not stellar) from an ongoing Phase IIb Clinical Trial of IDX184 - its most advanced drug candidate for the hepatitis C treatment, got coverage with a Buy rating and a price target at $15 from UBS and received Fast Track designation from the FDA for IDX719 – potential drug candidate for the hepatitis C treatment. Despite this good news streak (small cap biotechnology companies such as Idenix are mostly news driven) IDIX failed to close above the resistance level at 11.
Although IDIX is, technically, still within boundaries of the ascending trendchannel from May, the price moved nowhere since mid-June and now is trapped between the lower boundary of the trendchannel and the resistance at 11. Something's gotta give.
On the medium-term P&F chart the price is struggling to break above the descending Bearish Resistance line.
On the short-term P&F chart after the initial rally from a fulcrum bottom the price moved sideways forming a Broadening pattern with multiple false buy and sell signals.
Although, I am bullish on IDIX, I decided to close my longs when the price stalled against the resistance at 11 on anemic volume again. I continue to keep IDIX on my radar and may re-enter long positions on a retracement or a break above resistance.
Disclaimer: I express only my personal opinion on the market and do not provide any trading or financial advice (see Disclaimer on my site).
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Follow-up On The IDIX Trade.
Published 07/29/2012, 02:57 AM
Updated 07/09/2023, 06:31 AM
Follow-up On The IDIX Trade.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.
Latest comments
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.