Inhibitex (INHX) is a biopharmaceutical company focused on the development of differentiated anti-infective products to prevent or treat serious infections.
Yesterday's Volume: 9,232,900Average Volume: 1,886,810 Volume % Change: 402% This stock is soared yesterday after the company said it plans to expand studies for its experimental hepatitis C drug. The company said it will ask the FDA for authorization to expand a mid-stage trail of its drug INX-189. From a a technical standpoint, this stock started to break out on monster volume above some past overhead resistance at $11.98, which is very bullish. The only problem here is that INHX has run up huge from its October low of $2.29, which could indicate it has run too far too fast. The stock is acting very strong in terms of price action and volume patterns, but shares are now hitting some extreme overbought readings with its relative strength index (RSI) at 82. I would wait for a significant pullback before going long this stock. Inhibitex shows up on a recent list of 13 Biotech Stocks Bought and Sold by Hedge Funds.
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