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Traders Get Bullish on Shares of Chelsea Therapeutics International, Shares Up 5.9% (CHTP)

Published on Mon, 01/07/2013 - 13:23
By Adrienne Chilton

Chelsea Therapeutics International (NASDAQ:CHTP) is one of today's best performing penny stocks, up 5.9% to $0.90 on 1.0x average daily volume. Thus far today, Chelsea Therapeutics International has traded 1.5 million shares, vs. average volume of 1.5 million shares per day. The stock has outperformed the Dow (5.9% to the Dow's -0.6%) and outperformed the S&P 500 (5.9% to the S&P's -0.6%) during today's trading.

In the past 52 weeks, shares of Chelsea Therapeutics International have traded between a low of $0.70 and a high of $5.23 and are now at $0.90, which is 28% above that low price. Over the past week, the 200-day moving average (MA) has gone down 3.5% while the 50-day MA has declined 3.1%.

Chelsea Therapeutics International Ltd. is a biopharmaceutical company developing a pipeline of low toxicity antifolate compounds engineered to have anti-inflammatory and anti-tumor activity. The Company's lead candidate is in development as a metabolically inert treatment alternative to Methotrexate for rheumatoid arthritis, psoriasis, and other disorders.

Potential upside of 291.1% exists for Chelsea Therapeutics International, based on a current level of $0.90 and analysts' average consensus price target of $3.50. The stock should run into initial resistance at its 50-day moving average (MA) of $1.29 and subsequent resistance at its 200-day MA of $1.49.

By Adrienne Chilton