Cardium Therapeutics Inc. (NYSEMKT:CXM) To Reconvene AGM June 21, 2013, Up 6.94%
Northern, WI 06/14/2013 (GDPInsider) – Cardium Therapeutics Inc. (NYSEMKT:CXM) is trading up 6.94% in today’s trading after starting the day 0.01 cent better than previous close at 0.08. There has been quiet volume activity with 4,700 shares in CXM changing hands so far.
The stock has a range of 0.0770 and 0.0797. Average volume for CXM is 530,000 so the uptrend in early morning trading has come off moderate interest by investors. Still, the stock is up and with a target price of $3.88 set by analysts; the move northwards is a good sign.
CXM is an asset-based health sciences and regenerative medicine company which focuses on the acquisition and strategic development of innovative products and businesses with the potential to address significant unmet medical needs.
The last couple of months have been very interesting for CXM, with the company announcing in May that it had published “Mechanistic, Technical, and Clinical Perspectives in Therapeutic Stimulation of Coronary Collateral Development by Angiogenic Growth Factors”, a report authored by Gabor M Rubanyi, M.D., Ph.D., Cardium’s Chief Scientific Officer and which appeard in the April issue of Molecular Therapy.
Since that announcement the company has been busy getting on with core business, releasing a series of financial reports and other filings with the SEC. Things picked up in June when CXM announced the holding of its annual stockholders meeting on the 6th. Shareholders voted on a series of issues, including a proposed stock split which caused the adjournment of the meeting to give shareholders, more time to decide on the split.
Chairman and CEO, Christopher J. Reinhard, stated that, “We are encouraged by the favorable support that we have received to date from our stockholders who have voted in favor of all of the proposals recommended by the Board of Directors as described in our proxy.”
CXM has a solid RSI of 44.20 which is trending towards more neutral territory. The stock is showing a slight rally on its technical chart which is pushing northwards towards the SMA50 of 0.09.
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