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colaiscute

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Sorry Elleburra I missed your post.

 

Why would you ask me I also thought it was due for a correction to lower levels :blink:

 

Ok have readjusted how I am reading the chart and thrown it more in parallel channels x2.

Price has hit the upper channel and pulled back a tad, this conforms to the bearish divergence on Macd daily and one would expect it to pull back to around previous resistance and the previous upper channel trend line (around $7.20 ish)... but it will do its own thing.

post-2409-1263260537.gif

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Hi Kelpie,

 

As per chart a couple down, price has broken down from the up trending channels(around $6.50ish) so for now has signalled an end to the up trend(like so many on ASX).

As to where it will head, next support(also 50% Fib) around $5.20, followed by around $4.20, but will likely depend on over all market direction as to where it lands.

 

Cheers

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Anybody holding this?

Looks like a pretty good rise this year, accelerated after reporting a 34% increase in sales for the third quarter. Costs are fairly fixed so most of this increase should flow through to the bottom line.

 

Another Australian biotech with a great story, hopefully wont go the way of CST and BTA and get sold cheaply overseas.

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Biotech junior Sirtex surged to a record $9.72, up 50 cents, and holding near the day's high of $9.80, in active trading, with sentiment boosted by Macquarie Bank slapping an "outperform" recommendation with a 12-month target of $11.52 on the stock. Earlier today, the company - which has an innovative liver cancer treatment - hiked its annual dividend to 10 cents a share from 7 cents paid previously. In raising the dividend, directors pointed to the high level of cash on hand, which totals close to $50 million, combined with its strong cashflow.

 

Recently BusinessDay highlighted the stock, on the back of investor presentations by senior management which flagged a "step-change'' in its growth profile thanks to new clinical trials which are aimed at improving market penetration of its treatment, which is usually used in conjunction with chemotherapy as a last resort for liver cancer suffers.

 

In the year to June its net profit rose 49 per cent to $17.1 million despite the strong Australian dollar, and brokers have pencilled in further strong revenue growth of around 20 per cent a year over the next two years.

 

In research released today, Macquarie noted Sirtex's "scientifically robust treatment", the under-penetrated market it is servicing, rapidly growing revenues and the potential for greater upside if its clinical trials bear results similar to its earlier studies, as justifying its "outperform" recommendation.

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Interesting comments from HHL's chairman at their AGM yesterday.

 

"Sirtex is an Australian-listed manufacturer and distributor of radioactive spheres that are used for the treatment of liver cancer. Our holding in Sirtex is the largest investment holding across a number of our funds and accounts for 13.5% of funds under management. Consistent with our long-held belief in the value of the stock, Sirtex had a strong year to 30 June 2012, rising 24% to $6.09. Since 30 June the stock has risen a further 89% to $11.51 as the strengths of the Company have been more widely recognised. Despite the very significant upside potential we see, we are managing the position in a prudent manner and have disposed of over 2.5 million shares so as to ensure that the holding does not breach our risk limits.

 

I acknowledge that this investment represents a significant business risk to Hunter Hall, as well as a significant opportunity for shareholder returns. Long-term shareholders will recall that the success of Hunter Hall has been built on backing winners, with names such as PZ Cussons and London Stock Exchange historically having represented high portions of funds under management."

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