BioCryst Pharma Stock Heads Higher Thursday: Here's Why

BioCryst Pharmaceuticals Inc. BCRX shares were trading higher Thursday after the company reported second-quarter financial results.

The company reported revenue of $50 million, with $28.5 million of net revenue coming from the company’s product Orladeyo. 

BioCryst Pharmaceuticals was up 5.54% at $17.16 at last check.

BioCryst Pharmaceuticals Daily Chart Analysis

  • The stock is trading in what technical traders call an ascending triangle pattern and may be ready to break out soon, as it's nearing resistance.
  • The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely trading with bullish sentiment.
  • Each of these moving averages may hold as a potential area of support in the future.
  • The $17.50 level has held as resistance multiple times in the past, and may continue until the stock is able to see a breakout over resistance.
  • The Relative Strength Index (RSI) has been moving sideways above the 50 mark for a time and now sits at 59. This means there have been more buyers in the stock than sellers.

What’s Next For BioCryst Pharmaceuticals?

Bullish traders are looking to see the stock breakout above resistance and hold above it. If the stock can hold its gains after breaking resistance, it may be ready to see another upward push.

Bearish traders would like to see the stock fall below the higher low trendline and be able to hold below it. If this can happen and the stock crosses below the moving averages, the stock may see a change in trend and sentiment.

Posted In: BiotechEarningsLong IdeasNewsShort IdeasTechnicalsMoversTrading IdeasGeneral

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