Please pardon my charting. I find it is best to combine TA and some DD for the best trades lately. Definitely a solid level of resistance and higher lows in the weeks leading up.
Notes regarding the drug in question, Rilonacept, which addresses recurrent pericarditis.
"In RHAPSODY, the primary efficacy endpoint of time-to-first adjudicated pericarditis recurrence in the randomized withdrawal period was highly statistically significant (Hazard Ratio = 0.04, p<0.0001). Additionally, annualized incidence of pericarditis recurrence decreased from 4.42 episodes per year prior to the study to 0.15 episodes per year while on rilonacept treatment. All major secondary endpoints were also highly statistically significant.
Rilonacept was well-tolerated in the study, with adverse events consistent with the U.S. Food and Drug Administration (FDA)-approved label for the treatment of Cryopyrin-Associated Periodic Syndromes (CAPS). The most common adverse events were injection site reactions and upper respiratory tract infections. There were no drug-related serious adverse events."
this looks good.
This company has a low float as well, and no drugs approved by the FDA yet. This is part of my "screen" for Biotech/pharma plays. 28.3m float. They have enough cash on hand to not have to make an offering for just under 2 years. Rilonacept is only one drug of many in their pipeline. We shall see.