Momentum Stock Pick, Inspire Pharmaceuticals, Inc.
Jun 6th, 2008 | By J. Christoph Amberger | Category: Stock Market InvestingAfter taking profits of up to 27% in two days on SQNM, today’s momentum stock pick is Inspire Pharmaceuticals, Inc. (NASDAQ:ISPH).
The Durham, NC-based biopharmaceutical company today announced that the Phase 3 trial with Denufosol, a cystic fibrosis drug, achieved its primary endpoint. The news sent the stock up 53% in the pre-market activity.
It posted a morning high at $6.75 and is currently trading at just below $6.
If this were any other weekday than a Friday, we’d say buy below $6 and hang on for two or three days until the stock hits $7. Unfortunately, Fridays are days with poor Internet traffic, especially on financial sites. And traders hate hanging on to volatile positions over weekends.
If you have the guts and risk tolerance to do it, buy ISPH around $5.80-5.95, with a 20% rapid-turnaround profit target.
Source: Momentum Stock Pick, Inspire Pharmaceuticals, Inc.
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Amberger began his career as a freelance contributor to Agora publications before emigrating from Germany to the United States in 1989, when he joined the editorial board of Taipan. In 1991, he took over as managing editor for the publication and assumed responsibility as group publisher four years later. In 2007 Christoph left Taipan and founded Today's Financial News.
