BPAX had an amazing day today on equally amazing volume. We have so far seen a possible 71% in gains since our original alert here http://chartsbyoriginalnewt.blogspot.com/2012/01/bpax-068-short-term-play-on-chart-and.html with a follow up here
But this is not all we expect from BPAX in the short term. The chart is showing some resistance in the $1.12 - $1.26 area but we feel the momentum is enough (after hours saw a close of $1.11) and with the strong base of which we are moving off BPAX could see $1.50 (fib. 50% retrace) within the week. We do remind everyone to trade smart and take profits along the way ;-)
Keep in mind that the FDA date is approaching, only 1 week away, Feb. 14.
Co. website http://www.biosantepharma.com/index.php
"A subsidiary of Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) is the licensee for Bio-T-Gel™ (testosterone gel) for the treatment of male hypogonadism or low testosterone levels. Bio-T-Gel™ was developed initially by BioSante, and then it was licensed to Teva for late stage clinical development. Teva is responsible for all Bio-T-Gel™ regulatory and marketing activities.
An NDA for Bio-T-Gel™ is pending with the FDA and has a PDUFA date of February 14, 2012. BioSante received $1.5 million upfront on signing the license agreement and will receive royalties upon commercialization. The current U.S. market for male testosterone products is over $1.2 billion"
60min. chart is a beauty! and notice the rising vol. through the day!!
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