ImClone Systems (IMCL) scores high volume breakout
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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