FP1 trade ideas
$SLRX Target PTs 2.50-3.50Salarius Pharmaceuticals, Inc., a clinical-stage biotechnology company, focuses on developing epigenetic-based cancer treatments. The company's lead candidate is Seclidemstat (SP-2577), which is in Phase I/II clinical trial for the treatment of advanced solid tumors, including prostate, breast, and ovarian cancers, as well as Ewing sarcoma. It has a strategic partnership with The University of Utah Research Foundation for the exclusive license with respect to patent rights protecting SP-2577 and related compounds; HLB Life Sciences to develop, produce, manufacture, use, and sell the drug in South Korea; and Cancer Prevention and Research Institute of Texas for product development activities. Salarius Pharmaceuticals, Inc. is headquartered in Houston, Texas.
Stock Play: SLRXWhite lines are resistance, purple are support - Play the targets how you please... a close above 1.92 and we’ll get our trek to 5!! Accumulate while you can. Volume has been beautiful the last couple months. Looks like a solid setup, but know your risk.
$SLRX can rise in the next daysContextual immersion trading strategy idea.
Salarius Pharmaceuticals, Inc. a clinical-stage biotechnology company, develops epigenetic-based cancer treatments.
The demand for shares of the company looks higher than the supply.
This and other conditions can cause a rise in the share price in the next days.
So I opened a long position from $1,17;
stop-loss — $0,95.
Information about take-profits will be later.
Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision.
Always do your own analysis before making deals. When you use any materials, do not rely on blind trust.
You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.
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SLRX - Sky's the limit (550% potential upside)SLRX has formed a perfect bottoming pattern on the weekly chart.
Technical reasons for the trade:
→ Double bottom (and another smaller double bottom recently!)
→ Highest weekly volume ever
→ Break above the POC
→ Price still trading within the reload zone (0.618 fib)
→ Weekly price gaps above make for some nice targets
→ Clearly defined risk window
Good luck!
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The SLRX slide and its is not PDUFAWhat did I missed that caused the SLRX to slid? Was there an indicator that I should've taken as an exit plan? or is there some indications that I should have taken into consideration as one of my entry criteria? Did I also missed any information I missed prior taking a position?
Recap of catalyst:
- PDUFA for Seclidemstat in P 1/2 Ewing Sarcoma scheduled on June 17, 2020
- Meeting with the Pediatric Oncology Subcommittee of the Oncologic Drugs Advisory Committee (ODAC) from June 17,2020 to June 18, 2020
I was listening to the meeting and during that time the team from SLRX were doing there presentation. I immediately then I noticed that the stock dropped significantly and I nearly got stopped out. At that point, it made me think that this maybe manipulated OR people were locking in their profit. I stick on the latter idea and held on my position because when the dropped happen, the data was not presented by SLRX representatives (see box figure below).
However, when I was visiting the NBRV in Stocktwits the next day (or the day after I think). I noticed that NBRV disclosed that the PDUFA could be delayed due to COVID19. This when it strike me that I made my entry too soon because I did not account that the FDA decision would be delayed more and the results from the ODAC meeting will not come into fruition immediately. After all, SLRX has been riding so high for the past week and it was overdue for a retrace. Secondly, I did not noticed that the volume was already thinning out since June 15 then if you compare it with the previous pops it has a very obvious pattern (I just noticed it today and check the blue arrows).
The question now is, do I sell or do I accumulate? If I accumulate then where?
Lets be mindful that PDUFA plays are very very very risky and therefore varies with your risk appetite. If you can tolerate to see 50% to 80% loss in your portfolio then by all means add more. However, the way I have done it is I used the 50%-60% range but that equates to a measly $700 or less than 0.05% of my total portfolio (probably MM are laughing at my position). The upside however is significant if they gained approval.
I am planning to add a little more to reduce my average, but that will vary how the stock reacts next week on the SMA20 and the support line. Although, StochRSI and the "low volume then pop" appeared today that may indicate I have lost the opportunity to add more. Especially when the ADX DI states that the current trend (uptrend) is still strong. But MACD is disagreeing because it is starting to curl that typical indicates that the trend might shift soon. Of course, MACD might change next week and it is small bios after all.
Takeaways:
Lastly, there has been a lot of noises regarding with the "compliance" in Stocktwits. Sure, it is comforting to know that SLRX has gained compliance because this reduces the risks for reverse split. However, the risks of the PDUFA overshadowed the NASDAQ listing requirements and I am never a believer of "compliance play".
My current sentiment: Neutral
4 Penny Stocks I'm Bullish On: MARK, BBI, ADOM, and SLRXThese are currently 4 penny stocks that I'm bullish on for a potential reentry: $MARK been beaten up alot, and I think the resistance might pop soon for a gap fill. BBI has been mostly bearish and should retrace soon for the next positive wedge. ADOM is a long hold. SLRX is one of those stocks that may be due for even another breakout. As always, please pursue at your own risk. Everything I say is on an opinion based basis. Do your own due diligence.
SLRX is moving high, but why?(NOTE: Use daily chart then move to weekly to see my thesis)
NASDAQ:SLRX
There is a strong sense of optimism for SLRX because of the PDUFA for Seclidemstat in P 1/2 Ewing Sarcoma trial this June 17, 2020. Most small bios like SLRX are typically driven by these types of updates, but it comes with a high risks that it may turn out it is not a good results. So, trade with caution.
Fundamentally SLRX has:
$9.65M as of March 31, 2020 and $9.1M available from CPRIT.
10.53M float.
Probably would not dilute because they already did in Feb. 12, 2020.
Meets and exceeds the listing requirements as of last Feb. 13, 2020.
By looking at the list of institutional purchases in Fintel. I could see a lot of buys from different funds since Feb.
I did use technical indicators initially, but I've decided to use the fundamentals to trade. I took a very small position ($1500) to test if my theory and I can see two levels of upside (list below) if the PDUFA turns out to be great but an abysmal potential loss of 50%+. Fortunately, losing $700 is not even close to .05% of my tiny portfolio.
at 1.98 to fill the gap
at 3.02 because this was one of the strongest support if you look at the "weekly" charts.
To keep my sanity and be realistic on two of my exit points. I can see that $3.02 is likely (maybe 30% chance) because the candle on the weekly shows that the current uptrend is going to continue. Furthermore, I pondered why SLRX is very confident to post an 8K for the PDUFA date. I can only assume that they already have a good data and typically this happens if bios needs to issue more shares. However, that is the former is unlikely the cases since they already issued last Feb.
GLTA!
SLRX Overbought Hello,
What is SLRX?
Salarius Pharmaceuticals, Inc. a clinical-stage biotechnology company, develops epigenetic-based cancer treatments. The company's lead candidate is Seclidemstat (SP-2577), which is in Phase I/II clinical trial for the treatment of advanced solid tumors, including prostate, breast, and ovarian cancers, as well as Ewing sarcoma. Salarius Pharmaceuticals, Inc. has a strategic partnership with The University of Utah Research Foundation for the exclusive license with respect to patent rights protecting SP-2577 and related compounds; HLB Life Sciences to develop, produce, manufacture, use, and sell the drug in South Korea; and Cancer Prevention and Research Institute of Texas for product development activities. The company is headquartered in Houston, Texas.
News
My Thoughts For You
We have retested resistance 3 times in overbought conditions. I suspect a retracement then a continuation towards resistance level 2, from here we will see a correction testing support and resistance in the form of a 3 wave ABC correction, I suspect that C wave will be 100% of wave A and that brings the price at support level 2.
Keep an eye on the current resistance because we may breakthrough to complete wave 5 then the ABC correction will follow, either way the price is going to be in a correction.
Good Luck, Cheers!
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SLRX Peaked at $1.70 Today than Down, Possible Retracement?First off, please don't take anything I say seriously or as financial advice. As always, this is on an opinion based basis. That being said, SLRX have pulled a bullish run and then crash within an hour. This was likely due to some automated trigger by some large fund starting to slowly upward incremental sell at the $1.15 level or people subscribing to some sort of signal for a breakout hour. Likely this sudden rise is an example of what it feels like competing with an AI in the stock trading world. Hint: It doesn't feel good. That being said, I could have took the profit at $1.69, $1.70 at one point but the prices were fluctuating too fast and I thought I would hit the $1.83 sale off target. I still think my target for $1.83 is likely going to be filled, but I modified my new wave retracement target to $1.60 as to mitigate risk for the next wave. That being said, short term, I am bullish. I think SLRX at this price level is still worth a hold.
Current Price of SLRX too Low: Short Term Breakout PotentialFirst off, please don't take anything I say seriously or as financial advice. As always, this is on an opinion based basis. That being said, let me get into a few insights. SLRX had one of the biggest yearly price declines, and bearish runs. Looking at the indicators, and company activity, you can still see some potential however. Currently, I'm waiting for a gap fill so this starts rallying. I also think a positive wave correlation is still likely to happen quite soon and it could even double in price. I'm bullish on this and some technical indicators are giving it a buy, while analyst are giving it a hold.
SLRX: $1.83 Short --> $3.80 LongFirst off, please don't take anything I say seriously or as financial advice. As always, this is on an opinion based basis. That being said, here are my insights: SLRX have had recent news, especially with the Flex Pharma agreement , and their expected upcoming ASCO20 Trial Poster presentation. This + the fact that it is long due for a breakout is why I AM STILL SHORT TERM BULLISH on SLRX. Two Investor observer reports have a strong buy or hold . As of May 27th , 28.40% of SLRX stock have been in the hands of institutional investors. 3 Analyst on Zacks Ranks give it a hold rating. That being said, I expect it to extremely soon go on a bullish run and pass that sweet sweet lucrative target I been hoping for. Once it does, I may transfer positions to higher growth stocks and continue feeling like Nostradamus.
Waiting for SLRX Next Few DaysFirst off, please don't take anything I say seriously or as financial advice. As always, this is on opinion based basis. That being said, here are a few important insights. SLRX is right due for a potential breakout or bullish run as I have said recently. I am waiting still to see what would happen, and a potential spike in growth as we can never be too sure. However, I am on par with my previous chart analysis.
SLRX: 48% Growth Potential: $1.83 TargetFirst off, please don't take anything I say seriously or as financial advice. As always, this is on opinion based basis. That being said, SLRX recently surged slightly in price the other day. Although not much, it is long due for a breakout since February and right now it looks like it is about the right time.
$SLRX Salarius Pharma 40% upside Gap Fill TradeSalarius Pharmaceuticals, Inc. is a clinical-stage oncology company. The firm focuses on the development of Salarius' clinical pipeline, which targets rare, orphan cancers and cancers with a high unmet need. The company was founded in 2014 and is headquartered in Houston, TX.
SLRX Double Bottom Incoming?SLRX chart getting back to the double bottom I am a buyer at $5 if it holds the support.
