TwinTrader.com announces the publication of Breakout for ImClone Systems Inc. (IMCL), an excerpt highlighting public companies on the move and what’s behind their share activity.
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ImClone Systems Inc., a biopharmaceutical company, engages in the development and commercialization of a portfolio of targeted treatments for the medical needs of patients with cancer in the United States and Canada. It offers ERBITUX (cetuximab), an antibody for use in combination with irinotecan in the treatment of patients with EGFR-expressing, metastatic colorectal cancer, who are refractory to irinotecan-based chemotherapy; and for use as a single agent in the treatment of patients with EGFR-expressing, metastatic colorectal cancer, who are intolerant to irinotecan-based chemotherapy.
The breakout features strong performance on the biomed front, as well as the ImClone’s technicals. The author writes:
“Biomed stocks have been one of the few sectors performing relatively well against the backdrop of plunging financials, industrials and consumer discretion. According to the Wall Street Journal, Eli Lilly has offered $70 per share for ImClone, and provides strong evidence of the strength of this sector. … The shares of ImClone have been one of the big winners in the market during the third quarter. Technical indicators oftentimes become meaningless after a takeover announcement. The play left is to buy the stock at this level and make an approximately 7% profit, but the risk of substantial declines remain if the deal is not consummated. This stock should only be bought with high-risk capital, not long-term investment capital.”
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