January 9, 2006
SpeculatingStocks.com Stock Pick: CancerVax Corporation (CNVX)
Stock Price: $1.49 (short-term strong buy)
CancerVax Corporation is a biotechnology company focused on the research, development and commercialization of novel biological products for the treatment and control of cancer.
CNVX traded heavy volume on Friday and jumped over 10%. Today, the company announced a merger agreement between itself and Micromet, a privately held company focused on the development of antibody-based drugs. Of the combined company, Micromet will own 67.5% of the operation. Basically, CNVX is being acquired, and should go up on this news. Either way, CNVX had momemtum coming out of Friday's trading day.
CNVX was just upgraded to a market perform on January 6th. The company had $26 million in sales last quarter with a $10 million loss. CNVX has a book value of $1.75 and $45.56 million cash on the balance sheet.
SpeculatingStocks.com Target Price: We expect CNVX to reach $2.00 within the next 5-10 days.