Can-Fite BioPharma Ltd. (TASE:CFBI; NYSE MKT: CANF) has obtained a recommendation from an unexpected direction: American stock guru Jim Cramer of CNBC recommended the share in his review "5 Under-$10 Biotech Stocks to Watch."
Cramer describes the fall in Can-Fite's share price from $8.75 to $5.30, due to disappointment at the failure of the clinical trial of its treatment for dry-eye syndrome. Following the rebound from the low, he says that the share is now quickly moving within range of breaking through its resistance level of $6.20 toward $6.43, its 50-day moving average level.
"Traders should now look for long-biased trades in Can-Fite as long as it's trending above some key near-term support levels at $5.68 or at $5.30," says Cramer. "If that breakout hits soon, then Can-Fite will set up to re-fill some of its previous gap-down zone that started at $8.75."
Can-Fite's share closed at $5.94 on Wall Street on Friday.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2014
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