Keryx Biopharmaceuticals should be on your watchlist @ Small Cap Network; $KERX

Keryx Biopharmaceuticals should be on your watchlist @ Small Cap Network; $KERX

Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX) is focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of life-threatening diseases, including cancer and renal disease. Keryx is developing perifosine, a novel, potentially first-in-class, oral anti-cancer agent that inhibits key signal transduction pathways, which are associated with programmed cell death, cell growth, cell differentiation and cell survival. Perifosine is currently in Phase III clinical development for both refractory advanced colorectal cancer and multiple myeloma.

At Small Cap Network, contributor Matthew Briar wrote that "a chart can tell you just as much about a stock's next direction as the underlying fundamental data can." Using this approach, he wrote that "Keryx Biopharmaceuticals is most definitely back in play, and needs to be on your watchlist." 

He continued, 

"If the ticker KERX rings a bell, it may be because the SCN staff has been logging the technical saga since January. I pointed out it was on the move back in January when it was trading at $2.80, then James Brumley cautioned that the rally was coming to a close when it was trading at $3.58 after it bumped into the 200-day average line in early February. Bryan Murphy called the bottom on February 22nd when Keryx Biopharmaceuticals brushed the 100-day and 50-day moving averages at $2.87 and immediately started to rebound, closing at $3.06 that day. In the meantime, we've seen nothing but follow-through, bringing us to today's price of $3.48. [You're welcome for all the trade navigation, by the way.]

But what makes the impending visit with the 200-day line any different for KERX that the one from early February when it didn't clear the hurdle? Though there's never a guarantee, the buying volume is ramping up, and we're starting the attack run with decisive support (see chart below). With only pennies to go, interested buyers can afford to wait, but once the 200-day average at $3.55 is cleared, there's not likely to be much time for hesitation."

See the stock chart here

Read the full article at SmallCapNetwork.com