Keryx Shares Break Through Resistance (NASDAQ: KERX)

Keryx Shares

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.

Last week, Chip Brian of SmarTrend described Keryx as "one of today's best performing low-priced stocks, up 5.3% to $3.57 on 1.1x average daily volume. Thus far today, Keryx Biopharmaceuticals has traded 953,000 shares, vs. average volume of 896,000 shares per day. The stock has outperformed the Dow (5.3% to the Dow's 1.1%) and outperformed the S&P 500 (5.3% to the S&P's 1.1%) during today's trading."

Brian continued,

"In the past 52 weeks, Keryx Biopharmaceuticals share prices have been bracketed by a low of $2.27 and a high of $5.55 and are now at $3.57, 57% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.7%.

Potential upside of 188.1% exists for Keryx Biopharmaceuticals, based on a current level of $3.57 and analysts' average consensus price target of $10.29. The stock should find resistance at its 200-day moving average (MA) of $3.73, as well as support at its 50-day MA of $2.69." 

Read the full article at TMCNet.com