Small cap biotech stocks are notoriously volatile but they can also produce substantial profits for traders and investors alike - especially with the help of a stock forecasting tool like Next Candle.
So how accurate are Next Candle's small cap biotech stock forecasts? Before the market opened on Friday, Next Candle gave the following stock forecasts for these three small cap biotech stocks:
- Oncothyreon (ONTY) will produce a lower low on Friday.
- Astex Pharmaceuticals (NASDAQ:ASTX) will produce a lower low on Friday.
- ADVENTRX Pharmaceuticals (ANX) will produce a lower low on Friday.
And the results on Tuesday:
- Oncothyreon (ONTY) fell $0.05 or 0.59% to $8.40. Oncothyreon (ONTY) had a trading range of $8.35 to $8.74 during the day but it was not until after 1 pm when ONTY hit a lower low and 3 pm when the stock consistently stayed below its opening price. Its worth mentioning that last Tuesday, Oncothyreon (ONTY) was the subject of an article in The Street where it was noted that ONTY's chart is showing a longer-term pattern of higher lows - a bullish price action that results when traders start buying when a stock goes on sale. Otherwise, it should be noted that Oncothyreon (ONTY) will be reporting earnings next Tuesday.
- Astex Pharmaceuticals (ASTX) fell $0.01 or 0.55% to $1.82. Astex Pharmaceuticals (ASTX) had a trading range of $1.80 to $1.90 for the day and its worth noting that the stock will be reporting earnings on Monday. In addition and back in early February, the Oncologic Drugs Advisory Committee voted 10-to-3 against recommending an ASTX drug as a treatment for leukemia and its not likely that the FDA will approve the drug.
- ADVENTRX Pharmaceuticals (ANX) fell $0.01 or 1.55% to $0.63 on much lighter than normal trading volume (269,888 verses a normal daily average of 980,840). Up until last August, ADVENTRX Pharmaceuticals (ANX) was trading from the $2 to $4 level but it plunged to the $1 level after the FDA rejected the company's lung cancer drug. Otherwise, it should be noted that ADVENTRX Pharmaceuticals (ANX) will be reporting earnings next Friday.
Of course, how much money you would have made from a good stock forecast about small cap biotech stocks Oncothyreon (ONTY), Astex Pharmaceuticals (ASTX) and ADVENTRX Pharmaceuticals (ANX) would have depended upon your trading strategy along with how well you were able to execute it. Nevertheless, at least you would have had a better chance of coming out ahead with a Next Candle stock forecast about these three potentially volatile small cap biotech stocks.NOTE: THIS PIECE WAS JUST POSTED ON OUR BLOG AT http://www.nextcandle.com/blog/2012/03/review-next-candle%E2%80%99s-top-stock-forecasts
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.