One more stock in the biotechnology and drugs complex whose insiders are buying up shares of Is Chelsea Therapeutics ( CHTP), a development stage pharmaceutical company that focuses on acquiring, developing and commercializing products for the treatment of a variety of human diseases. This stock is off to a weak start in 2012, with shares down by around 10%. Chelsea Therapeutics has a market cap of $287 million and an enterprise value of $223 million. This stock trades at a high valuation, with a price-to-book of 6.19. Its estimated growth rate for this year is -5.5%, and for next year it's pegged at 24%. This is a cash-rich company, since the total cash position on its balance sheet is $57.61 million and its total debt is zero. A beneficial owner just bought 40,000 shares, or about $192,000 worth of stock, at $4.80 per share. Back in November, the chief medical officer also bought 45,141 shares, or around $200,000 worth of stock, at $4.46 per share. From a technical standpoint, CHTP is currently trading below both its 50-day and 200-day moving averages, which is bearish. This stock hit a recent bottom at $3.25 in October, and since then it has trended higher towards its current price of $4.60. This stock is now approaching a bullish trade setup if it can manage to clear its 200-day moving average. If you're bullish on CHTP, I would look to be a buyer on a sustained high-volume move or close back above its 200-day moving average of $4.65 a share. Look for volume that's tracking in close to or above its three-month average action of 469,229 shares. If we get that action, I would then look to add to any long positions once CHTP takes out its 50-day moving average of $4.99 with volume. To see more stocks with notable insider buying like Senesco Technologies ( CNT), MRV Communications ( MRVC) and Geoeye ( GEOY), check out the Stocks With Big Insider Buying portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.