Enzon Pharmaceuticals Inc (NASDAQ: ENZN)
Enzon Pharmaceuticals stock had an interesting week last week. After strong gains early on, the stock fell hard; giving up every bit of what it had gained. However, ENZN is back on the uptrend. The only question now is…will this one last?
Why Last Week’s Crash Happened
Last week, ENZN issued a statement to the trading world stating that it was in a bullish mood, and mode. However, as pointed out by Bryan Murphy of Small Cap Network, there was a major problem with the strong uptrends. Enzon was overbought! As Mr. Murphy predicted…a sell off ensued.
What We’ve Seen From ENZN This Week
This week, we’re seeing trends from the stock that look a bit different from what we saw last week. Instead of a heavy straight line, ENZN seems to be on a more slow and steady path. Although we did see incredible gains in morning trading today, the stock slowed well before the point of resistance and went on a more stable trend.
Can Enzon Pharmaceuticals Stock Continue Rising?
This time, I think we may be in for more long term growth. The reality is that last week’s gains were the result of an overreaction in the market and investor excitement. Then, as is normal in the market, an overreaction brought the stock below its value. However, things to be correcting and the growth seems to be going on a more sustainable route.
What Do You Think?
Do you think ENZN will continue to rise in value, or will we see a correction take away the gains like we saw last week? Let us know in the comments below!