Enzon Pharmaceuticals Inc (NASDAQ: ENZN)
Enzon Pharmaceuticals stock has had a great week in the market this week. On Monday, Tuesday, and Wednesday, the stock climbed! However, on Thursday, investors started to get concerned as the stock started to turn in the other direction. So, yesterday, I addressed the issue explaining that it was a natural correction and something that I wasn’t concerned about; more gains were to come! Well, today, those expected gains are being seen!
Why Yesterday’s Drops Weren’t Much Of A Concern
One thing that we have to remember is the fact that Enzon Pharmaceuticals is a small-cap biotech stock. As a result, the stock is likely to see volatility here and there, it’s just part of the game. With that said, it’s not uncommon for investors to overreact in this market. That’s exactly what we saw Monday, Tuesday, and Wednesday.
Don’t get me wrong, I’m not saying that gains weren’t justified. What I’m saying is that overreactions brought ENZN’s value higher than it should have gone. So, on Thursday, we saw a mild correction; dragging the value of the stock down from $1.87 per share to $1.54 per share. Don’t forget, the run started at $1.33 per share on Monday; so even after the correction, the stock was still trending upward!
Why I Really Like What I See From ENZN Today
Today, I’m incredibly impressed with the movement I’m seeing from ENZN. No, the growth isn’t as massive as what we saw in the beginning of the week, but to me, it’s more impressive. That’s because what we’re seeing in the market today is a more sustainable rate of growth. At this rate, Enzon should be able to maintain momentum in the upward direction!
What We Can Expect Moving Forward
Moving forward, I’m expecting great things from Enzon Pharmaceuticals. In the short term outlook, technical data suggests that we’re going to continue to see upward movement at a sustainable rate. On the fundamental side, we see that the company is on a strong path to growth for the long run as well. So, no matter how you slice it, things are looking good for ENZN investors!
What Do You Think?
Where do you think ENZN is headed and why? Share your opinion in the comments below!