Another health care player that insiders are loading up on here is Accelerate Diagnostics (AXDX), engages in the research and development and commercialization of proprietary surface chemistry formulation and quantitative bio-analytical measurement instruments. Insiders are buying this stock into big time strength, since shares are up sharply in 2013 by 118%.
Accelerate Diagnostics has a market cap of $342 million and an enterprise value of $286 million. This stock trades at a premium valuation, with a price-to-book of 12.19. This is a cash-rich company, since the total cash position on its balance sheet is $27.17 million and its total debt is zero.>>Hedge Funds Hate These 7 Stocks -- but Should You? A director just bought 78,494 shares, or about $618,000 worth of stock, at $7.72 to $8 per share. That same director also just bought 413,090 shares, or about $3.32 million worth of stock, at $8.04 per share. From a technical perspective, AXDX is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending strong for the last few weeks, with shares moving higher from its low of $6.86 to its intraday high of $8.86 a share. During that move, shares of AXDX have been consistently making higher lows and higher highs, which is bullish technical price action. That move has started to push shares of AXDX within range of triggering a major breakout trade. If you're in the bull camp on AXDX, then look for long-biased trades as long as this stock is trending above its 50-day at $8.22 or above more near-term support at $7.25, and then once it breaks out above some near-term overhead resistance levels at $8.95 to its 52-week high at $9.22 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 96,009 shares. If that breakout triggers soon, then AXDX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $12 to $15 a share.
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