Atossa Genetics Inc. (NASDAQ: ATOS)
Atossa Genetics Inc. (ATOS), a healthcare company working in the breast cancer field yesterday announced that the FDA accepted its investigational new drug application for Phase II clinical trial of Fulvestrant in patients with Ductal Carcinoma in Situ (DCIS) or breast cancer.
Atossa Genetics Inc. CEO’s Comments
“The FDA’s acceptance of our Fulvestrant IND is a significant milestone for Atossa that hallmarks a potentially new, locally administered treatment for DCIS via intraductal administration utilizing our patented microcatheters,” said Dr. Steven Quay, Chairman, CEO & President of Atossa Genetics. “DCIS is a serious medical condition diagnosed in approximately 60,000 women a year in the U.S. The current standard of care for these women includes surgical removal of the tumor, radiation, and/or Tamoxifen treatment and in some cases mastectomy. Together with our Afimoxifene Gel, we now have two Phase II programs underway,” he added. Market Wired
ATOS Technical Analysis
ATOS gapped up in price yesterday to $0.99, up from the prior day’s close of $0.82, which is a 21% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was back on August 13 when the stock closed at $1.02. Taking a look at the overall recent trend we can see the stock has been on decline dating back to March 4 when the high was $2.45. The stock fell all the way to its 52 week low of $0.70 which it reached on August 26. The stock does have a low float of 24.26 million shares and is trading on heavy volume today nearly 18 times the normal daily trading volume. Both of these factors make the stock a prime candidate for the gap and go strategy. The stock did reach pre market highs of $1.13 meaning that it gave back $0.14 at the open equivalent to a 12% decrease in price. For trading purposes my entry point would be $1.00 with a possible add on at the pre-market high of $1.13. My stop loss would be $.90 fearing anything below that and the stock will start to fill in the gap up.
Atossa Genetics Inc. operates as a healthcare company that focuses on the development of a suite of laboratory services, medical devices, and therapeutics for breast cancer in the United States. The company markets nipple aspirate fluid (NAF) cytology tests and pharmacogenomics tests. Its medical devices include the ForeCYTE Breast Aspirator and the FullCYTE Breast Aspirator devices that are intended for the collection of NAF for cytological testing at a laboratory. The company is also involved in the development of other devices comprising intraductal microcatheters for the collection of ductal lavage fluid and for the potential administration of a targeted therapeutic, as well as various tools for potential use by breast surgeons. In addition, it owns a specimen bank that contains ductal lavage specimens, and blood and urine specimens. Atossa Genetics Inc. was founded in 2009 and is headquartered in Seattle, Washington. Yahoo Finance