Chelsea (CHTP) Investors Taking Profits, Shares Can't Hold Above $1.30 Level
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Investors in Chelsea Therapeutics (Nasdaq: CHTP) are taking profits Monday morning following a 40 percent rally in the stock on Friday of last week. Shares last traded at $1.19, down about 7 percent from Friday's closing price.
Chelsea Therapeutics' stock has been extremely volatile over the last week. Shares tumbled more than 40 percent on Tuesday of last week as the company announced a delay on its Northera. Then, on Friday, rumors a large shareholder might be pushing the company's Board to explore strategic alternatives had traders diving back into the stock.
This morning, Chelsea shares were not able to hold above important technical levels at $1.30 and $1.25. Volume spiked notably as the price began moving under the $1.25 level. The stock marked a session high at $1.35 earlier.
Trading in the name is very heavy Monday: about an hour into the session, a total of 2.1 million shares of Chelsea have already traded. The stock normally trades about 2 million shares over the course of an entire intraday session.
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Chelsea Therapeutics' stock has been extremely volatile over the last week. Shares tumbled more than 40 percent on Tuesday of last week as the company announced a delay on its Northera. Then, on Friday, rumors a large shareholder might be pushing the company's Board to explore strategic alternatives had traders diving back into the stock.
This morning, Chelsea shares were not able to hold above important technical levels at $1.30 and $1.25. Volume spiked notably as the price began moving under the $1.25 level. The stock marked a session high at $1.35 earlier.
Trading in the name is very heavy Monday: about an hour into the session, a total of 2.1 million shares of Chelsea have already traded. The stock normally trades about 2 million shares over the course of an entire intraday session.
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