TwinTrader.com announces the publication of Breakout for Idenix Pharmaceuticals Inc. (NASDAQ:IDIX); an excerpt highlighting public companies on the move and what’s behind the surge.
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Idenix Pharmaceuticals Inc., a biopharmaceutical company, engages in the discovery and development of drugs for the treatment of human viral and other infectious diseases in the United States and Europe.
The breakout features Idenix Pharmaceuticals management devoted to the success of the company as well as the day’s technicals. The author writes:
“The shares of Idenix Pharmaceuticals have gotten pounded, and unjustly noted by many close to the bio-pharm industry. More than 90% of outstanding shares are held by institutions and insiders, with insiders holding two out of three shares. Idenix is one of those companies that has the entire top management hooked into the success or failure of the company. Investors should look for these situations of extremely high insider holdings. … After breaking out of the $3 level, the stock crashed through the $4 resistance with little effort. Like just about all the stocks on the NASDAQ, the shares just succumbed to panic and wholesale selling driven by fear and forced liquidations. The weekly RSI is approaching the oversold area. The weekly MACD is bearish, but is moving into extreme oversold readings.”
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