Watch Pharmagene(PGN)

Riz

Experienced member
1,266 5
PGN, a novel company using tissues to test pharmaceuticals which they claim is far cheaper than human test subjects and more effective than animals… charging drug makers a fee for the service which can help speed the drug development process and reduce the risk of drugs failing in the clinic…Its clients include SmithKline Beecham, Bayer, Pfizer, Janssen and Merck.

Started floating mid 2000 at 285..hovered above 300 for 2-3 months…then fell to around 100 after it warned that its gain in customers during 2000 will not translate into revenues before next year and went sideways at that level till they went up to 112 last week..110 currently…

Price bounced up after crossing below the lower BB to cross over 5 day EMA which is heading up and just touched 10 day MA..BBs widening..Stochastics just over 20 line with D heading up K flat over D…RSI and MFI still heading down…OBV flat…

PGN has proved it’s got strong support around 100 where it bottomed out…therefore it doesn’t seem like it’s got much to go down from the current level…might head up sharply at any signs/news of recovery…

Another one worth to watch…

(No financial advice intended)

Riz




[Edited by Riz on 07-03-2001 at 08:56 PM]
 

Riz

Experienced member
1,266 5
PGN signed a drug discovery agreement with Germany's Bayer in the area of oncology... price unchanged however at 111.5...

In the mean time they announced that it preliminary financial results for the year ended 31 December 2000 would be released on Tuesday 13 March, prior to the commencement of trading...

Seymour Pierce who initiated coverage on Pharmagene with a long-term buy recommendation and a price target of 140 believes that revenue from the service division, the potential of its in-house therapeutic programme and its £37m cash make Pharmagene an attractive investment opportunity...

Just had a look at the chart...price, MAs and BBs all flat and converging...the last time this occurred was end of Dec. beg. of Jan...around 110 again...the price jumped to 140 afterwards...

I am getting even more interested in PGN..

(no financial advice intended)

Riz
 

Riz

Experienced member
1,266 5
PGN has retraced to 102.5 after hitting 130 in June...

Sunday Telegraph says, brokers are advising clients to buy the shares, with a long-term price target of 350. Revenues at the only human tissue-based drug development business are expected to reach £3m this year....

Back on my watch list

Riz
(No financial advice intended)