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Keryx Biopharmaceuticals Crosses Below its 10-day MA (KERX)

Published on Wed, 04/17/2013 - 11:32
By Peter Chu

Today, shares of Keryx Biopharmaceuticals (NASDAQ:KERX) have fallen below their 10-day MA of $7.75 on a volume of 677K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of Keryx Biopharmaceuticals have traded between a low of $1.28 and a high of $9.98 and are now at $7.61, which is 495% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has risen 2.5%.

Keryx Biopharmaceuticals, Inc. is a biopharmaceutical company focused on the acquisition, development, and commercialization of novel pharmaceutical products for the treatment of life-threatening diseases, including diabetes and cancer. Keryx is developing KRX-101 (sulodexide), a novel first-in-class oral heparinold compound for the treatment of diabetic nephropathy.

Keryx Biopharmaceuticals has overhead space with shares priced $7.61, or 40.8% below the average consensus analyst price target of $12.86. The stock should find initial support at its 50-day moving average (MA) of $7.11 and further support at its 200-day MA of $3.76.

By Peter Chu
pchu@fnno.com