Can Adeona Pharmaceuticals, Inc. (NYSEAMEX:AEN) Move Further Up?

Adeona Pharmaceuticals, Inc. (NYSEAMEX:AEN) began its run with a bang on November 21, 2011, when it closed up 40.74% at 0.76. Since then AEN has managed to reach more than a 100% increase.

Yesterday AEN closed flat at $1.64 for a second session in a row. The volume remained close to the average.

The catalyst which started the run was the announcement of a global exclusive channel collaboration with the Human Therapeutics Division of Intrexon Corporation. The collaboration enables Adeona to develop and commercialize a DNA-based therapeutic for the treatment of pulmonary arterial hypertension (PAH).

The market really enjoyed the news, and some other announcements later on kept the run going. On Dec. 21 the company issued a press release saying it intends to change its name to Synthetic Biologics, Inc., in order to better reflect its focus and business in connection to the collaboration with Intrexon Corporation.

Since then AEN hasn’t release any news. There was a DEF14 form filed on Jan. 4 about special meeting of stockholders of AEN to approve the name change. The filing was enough to cause another significant price increase.

The performance of the previous two session could suggest AEN has reached a level of resistance, and it may need to provide something new before another significant move up.

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