Enzon Pharmaceuticals Inc (NASDAQ: ENZN)
Enzon Pharmaceuticals stock has had an interesting week in the market. On Monday, the stock continued the slow and steady declines we saw Friday. However, on Tuesday, investors started to get interested and things started really picking up. On Wednesday, the uptrends continued; which led to what we’re seeing today….a possible opportunity to get in on long term gains.
Is Now The Time To Buy
While you should never take an opinion from an article as investment advice, in my opinion, ENZN looks great. Over the past 3 days, the stock has continued to break through resistance and find support higher and higher up the ladder. However, today, the tides seem to have changed. The stock is currently (1:48) trading at $1.63 per share after a loss of 4.12% so far today. So, why is this good news? Well, because I’m looking past the short term correction we’re seeing.
What We’re Seeing From ENZN Is Healthy
The reality is that the market is a series of reactions to news, valuations, and more. As investors, we tend to overreact at times. That’s exactly what we saw from ENZN earlier in the week. Sure, the upward price movement was warranted; just not at the pace it was moving. The reality is that the fast paced growth we saw was simply unsustainable. As always, the market adjusted for realistic gains.
That Doesn’t Mean Enzon’s Run Is Over
As a matter of fact, we’re far from that point. Enzon is a great company that for the past few years has been dragged down in the market by the bears. As a result, even after the 70%+ increase we’ve seen over the past month, I don’t think the run is anywhere near over. As a matter of fact, today’s declines simply present an opportunity to get in on the gains at a low cost!
What Do You Think?
Where do you think ENZN is headed and why? Let us know in the comments below!