Agree excellent buy - on technicals if nothing else.
NRGN has reached an oversold condition; it's a steal here at 22 5/8. It has tracked down over 25% from 28 and change, but on very suspect (i.e., low) volume. And, over the last two days, notwithstanding an extremely negative market environment, its downward momentum has convincingly stopped, and upward momentum is visible.
It's got a little resistance at 23, but if (as I suspect) it manages to beat 23 over the next day or two, it should run up strongly. Obviously, its upcoming press releases (earnings, Phase I trials) are key. If both are positive, I think we'll see 31 by Thanksgiving. Naturally, if either release is negative - all bets are off.
Mike Harvey |
