Friday, January 30, 2015 11:53:32 AM
MEIP - $3.95, up 2.3%-- rebound pattern now, looks like a bottom was put in two days ago (intraday) at $3.61 (higher than the intraday 3.57 it hit after the share offering in early Dec.). Accum/Distr and MACD have lots of upside room, RSI is still only in low 40s....
MEIP predictably hit a bit of resistance this morning at the 20dma presently at 3.99 on 6-month chart, fell back, but held at 3.80 and now back in 3.90s, looking to do another move back up to at least the mid-$4s where it hit a few weeks ago before the nasty selloff of spec stocks including many biotech names.
Obviously as we get closer to March release of topline data there's lots of room for this to run up to around where it traded before the share-offering-- the $7/$8 level. Likely some resistance at 50dma and 200dma lines on the return journey upward. NB: Cantor Fitz reaffirmed its PT of $14 AFTER the Dec. share-offering.
MEIP predictably hit a bit of resistance this morning at the 20dma presently at 3.99 on 6-month chart, fell back, but held at 3.80 and now back in 3.90s, looking to do another move back up to at least the mid-$4s where it hit a few weeks ago before the nasty selloff of spec stocks including many biotech names.
Obviously as we get closer to March release of topline data there's lots of room for this to run up to around where it traded before the share-offering-- the $7/$8 level. Likely some resistance at 50dma and 200dma lines on the return journey upward. NB: Cantor Fitz reaffirmed its PT of $14 AFTER the Dec. share-offering.
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