Hi Marc,
Yes, AVGN was able to close today above its resistance from the September 15-September 16 double top at the 5.85 level.
Although there were some down ticks in the last two minutes of trading, it was able to close near its intra-day H of 6.39 as it continued its up-move for a second day in a roll.(Today's C was 6.32)
The averages have remained in the right sequence since the present run started on August 21 from the 3.60 level. The September 9 up-gap was never closed and it has made a double bottom at the 5 level (September 22- September 29)
The PSML data on AVGN at present: 6.32 5.84 5.50 & 4.79
The stock still needs to close above its December 18 H of 6.69 before it can test its heavier resistance at the 8 level.
As you may recall, December 9 & December 10 were some important trading days for AVGN. On December 9 the stock opened at 10 (that was a 0.60 up-gap from the C on Dec.6 )and its intra-day H was 10.33, but the stock closed the up-gap that same day and the volume was heavy on the downside that afternoon, closing at 7.75 (the intra-day L was 7.25) The next day, December 10 the stock continued its down-move closing at 6.26 (the intra-day L was 6.05)
From its December 9 H the stock continued on a down-trend that carried it to its February 28 L at the 2 level.After the April double-bottom at the 2.70 level, the stock was able to start ist May rally that carried it to its June 3 H at 4.90.
siliconinvestor.com
siliconinvestor.com
As you said, they plan to submit an IND for their AAV vector to deliver the gene for AADC directly to the striatum, which theoretically would enable a better control of the level of dopamine in the brain by regulating how much L dopa is taken.
Although Parkinson's disease is pretty prevalent,I don't know how well this invasive, "pro-drug" approach will be largely accepted.
AVGN reportedly has around $4.90 in cash/share, which should be enough to carry it for 3 years at its present burn rate.The short position is less than 1% of the float.The insiders reportedly hold around 2% and institutions around 49%.
Bernard |
