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| April 22, 2008 |
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ImClone Systems (IMCL) scores high volume breakout |
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Shares of biotechnology company ImClone Systems Inc. (IMCL - FusionIQ Technical Score - 87) broke out on above average volume yesterday after rival Genentech Inc. (DNA - FusionIQ Technical Score - 49) said its drug Avastin did not improve the overall survival rate of patients in a lung cancer study. ImClone shares were boosted on this news as it is developing its own rival cancer drug Erbitux. Erbitux as a lung cancer treatment that would rival Avastin in the lucrative lung cancer treatment market. A previous late-stage study of Erbitux showed it did improve the survival rate for patients.
The technical breakout on IMCL scored a three year price high and as we have all observed momentum tends to begets momentum. The point and figure target for IMCL on this breakout is $ 63.00 - so there is return potential for those willing to stick their toe in the water.
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