This Biotech Stock Is Ready To Run
Biotech stocks surged nicely Tuesday with the iShares Biotechnology ETF rallying more than 2 percent.
For the most part, biotech stocks have performed very well over the last month and even the last year.
That performance can be seen quite well with names such as Gilead Sciences, Illumina and Vertex Pharmaceuticals all having hit new highs within the last 30 days.
However, not all biotech stocks have been soaring.
Some have taken time getting off the ground. For example, Incyte Corporation had been trading sideways for around six months before finally skyrocketing to new highs just recently.
Like Incyte, another biotech name that appears to be ready to get moving is Celldex.
The company: Celldex Therapeutics, Inc.
Ticker Symbol: (NASDAQ: CLDX)
Sector: Health care
Celldex focuses on the development, manufacture and commercialization of novel therapeutics for human health care.
Related Link: 2 Skyrocketing Biotech Stocks In A Stalling Market
The company’s lead drug candidates include rindopepimut, a targeted immunotherapeutic and Glembatumumab vedotin, which is a targeted antibody drug in a randomized study for the treatment of triple negative breast cancer.
Review the one-year chart of Celldex with the added notations:
After enduring a similar fall that most biotech stocks suffered back in April and May, Celldex started its sideways trading range.
From June through the end of October the stock bounced between a clear support at $12 and a topside resistance at $18. At some point Celldex was going to have to break one of those two levels.
Earlier this week, the stock broke through its resistance of $18.
The stock closed Wednesday at $18.73 and is up 26 percent over the last five trading sessions.
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