ADVENTRX Pharmaceuticals Inc. (ANX) Shows Strong Upside Potential
Shares of ADVENTRX Pharmaceuticals Inc. (AMEX: ANX) surged about 10% during initial trading hours on Monday. The penny stock opened up at $1.64, similar to previous close, and started moving steadily upwards till it reached $1.8 level.
Though there was no specific news available in public domain, the difference between the penny stock’s current market price and the target price as estimated by many Wall Street analyst is said to be the main reason behind such sharp movement.
The technical analysts also feel that there is lots of potential in this penny stock. As per one technical analysis, if the stock crosses $2.03 level, then it will be a very strong buy. It has been trying to cross its 20-day moving average line for quite some time. Hence it is very important for investors and traders to keep an eye on this stock.
ADVENTRX is a development-stage focusing on in-licensing, development and commercialization of proprietary product candidates for the treatment of cancer. The Company plans to enhance the performance of existing drugs by addressing limitations associated principally with their safety and use.
The penny stock of the Company was added to the Russell Microcap(R) Index last month only, when Russell Investments reconstituted its family of U.S. indexes. This will help the company to increase its visibility among its client and investors. The Russell Microcap Index in indicator of performance of the microcap segment of the U.S. equity market.
“Our addition to this widely recognized index, available only to companies listed on a national exchange, is consistent with our goal of increasing awareness of the ADVENTRX opportunity among the institutional investment community,” said Brian M. Culley, Chief Executive Officer of ADVENTRX.
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