RGNX trade ideas
RGNX BTFDRGNX sold off 12% today on news of a partial clinical hold on an NVS gene therapy trial using its vector.
After reading the press release I think this was an overreaction and the stock price will bounce back swiftly into RGNX earnings catalyst on 11/08/2019. It is sold off right to the bottom of its channel making for a beautiful setup!
#VolatilityWatch - $RGNX Upcoming data + Technical SetupThis year has been full of positive catalysts for RGNX. As RGNX continues to build out their clinical pipeline, data catalyst from upcoming phase 2a report on their Wet-AMD gene therapy product could send the stock roaring higher. RGNX is set to report data Oct. 13, 2019 and the companies technical setup is quite nice. The Wet-AMD market is a lucrative opportunity and proving the previous offering was worth the time and R&D to investors with good data will re-ignite excitement and investment. Although market conditions have been terrible lately, RGNX has held up great (I interpret this as positive sentiment going into data).
I have outlined and noted bullish patterns I will be watching.
One-Year-high : $85.10, July 09, 2018
Cup and Handle formation starting date of IPO (Stock has retraced to bullish .707 harmonic retracement level from the July 2018 high).
Recent low of $30 has significant price structure to hold current support.
$30 also marked "oversold" territory and double bottom on the one-year chart.
Symmetrical patterns portray controlled accumulation/ distribution in downtrend.
Recent price spikes indicate Bulls buying back in for potential run-up on good data.
RSI and CCI moving toward positive slopes.
Fibonnacci support levels converge with July 09, 2018 high.
Levels to Watch
-- Levels I will be watching to add range from current price ($35) down to $30.40
-- Structural levels (highlighted in horizontal rectangular box)
-- Support levels (horizontal lines on chart) price needs to hold range from $30 -> $26
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Disclosure: I am long RGNX. I may buy or sell within the next 72 hours. This is not a recommendation to buy or sale, please do your homework before investing.
Check my recent move with Conformis Inc. (Nasdaq: CFMS) , gaining over 30% move today
Gene Therapy for SMA-- Full technical analysis #VolatilityWatch
RGNX and Novartis just received FDA approval of Gene Therapy treatment for Spinal Muscular Atrophy (SMA).
(SMA)Spinal Muscular Atrophy is a disease affecting the motor nerve cells in the spinal cord, taking away the ability to walk, eat, or breathe.
It is the number one genetic cause of death for infants.
According to a company filling, price tag for treatment is $2.1 million.
Product is called Zolgensma
Congrats to RGNX and Novartis for the huge accomplishment!
I am putting this on #VolatilityWatch
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Disclaimer : I currently do not own any position in RGNX. This is not advice to buy or sell, It is for educational purposes. Please do your homework before investing.