One of today's notable stocks on the rise is Salix Pharmaceuticals (NASDAQ:SLXP), up 1.7% to $50.20. The S&P is trading higher by 0.6% to 1,557 and the Dow is trading 0.4% higher to 14,513.
Salix Pharmaceuticals, Ltd. develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases. The Company's COLAZAL product is an anti-inflammatory drug used for the treatment of mildly to moderately active ulcerative colitis.
Salix Pharmaceuticals has overhead space with shares priced $50.20, or 9.5% below the average consensus analyst price target of $55.50. The stock should find initial support at its 50-day moving average (MA) of $47.97 and further support at its 200-day MA of $45.83.
Over the past year, Salix Pharmaceuticals has traded in a range of $37.52 to $55.99 and is now at $50.20, 34% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.