OXGN had a recent spike up off of its long-term downtrend movement. The movement was due to a positive earnings report. Oxigene, Inc., a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat cancer and eye diseases in the United States. It primarily focuses on the development of product candidates that disable and destroy abnormal blood vessels that provide solid tumors a means of growth and survival, as well as associate with visual impairment in various ophthalmological diseases and conditions.
Some simple technical analysis would tell you that this stock has become a long-term buy. It has broken strongly out of the decline with volume support. In the near-term, it may be possible to fade this stock as it sells off due to profit taking and other market factors. OXGN gained over 100% in the last couple weeks, and should experience a sell-off before it begins a consistent sustainable climb higher.Biotech companies typically have volatile stocks, this one is included. Along with the announcement of positive earnings, Oxigene has stated that it’s experimental anticancer medications are seeing promising first results. This will definitely be a company to watch in the future.