Astex Pharmaceuticals

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Astex Pharmaceuticals ( ASTX) is a pharmaceutical company that engages in the discovery, development, and commercialization of novel therapeutics with a focus on oncology and hematology. This stock is trading up 5.9% to $1.95 in recent trading.

Today's Range: $1.88-$2.08

52-Week Range: $1.51-$3.35

Volume: 1 million

Three-Month Average Volume: 615,998

Shares of ASTX are advancing nicely today after the company announced positive clinical data for subcutaneous SGI-110, which is novel hypomethylating agent.

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From a technical perspective, ASTX is spiking sharply higher today and now flirting with both its 50-day moving average at $2.05 and its 200-day moving average at $2.14.

Traders should now look for long-biased trades in ASTX if it can manage to clear both of those key moving averages, and break out above some major near-term overhead resistance at $2.20 with high-volume. Look for a sustained move and close above those levels that comes with volume that's near or above 615,998 shares.

If we get that action soon, then ASTX has a good chance of re-testing its recent high at $2.95 in the near future.

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