Here are five momentum stocks making a move primarily on earnings: Arrowhead Pharmaceuticals (ARWR) Trade, Endocyte (ECYT) Trade, Legacy Reserves (LGCY) Trade, Impinj (PI) Trade and PolarityTE (COOL) Trade, writes Harry Boxer. He is the founder of TheTechTrader.com.
Arrowhead Pharmaceuticals, Inc. jumped $1.25 to $9.00 on 5.6 million shares May 9, almost four times its average volume. The drug developer reported fiscal second quarter earnings on May 8 that matched Wall Street expectations. The move broke the stock out of a two-month coiling consolidation. At its intraday high of $9.60, the stock got up to resistance at the rising trendline before backing off. A break through there could lead to $13.
Endocyte, Inc. rose 95 cents to $12 on 1.4 million shares. The development-stage biopharma company yesterday posted a narrower-than-expected first quarter loss. The stock last week broke out of a six-week coil and pulled back slightly on May 8, but the May 9 advance took it right up to its next lateral resistance area. The stock hasn't been at this level 2014, and the long-term chart shows a target of $18, where the stock resided just before breaking down in April of that year.
Legacy Reserves LP gained another 71 cents to $7.20 on 1.2 million shares traded Wednesday, more than double its average volume. The oil and natural gas producer has seen its stock advance from just above $1 in December 2017. After a brief consolidation in late April, the stock recently broke out again. The company reported first quarter results on May 2, including the addition of 20 wells online late in the quarter. Next targets are $8 and then $10-11.
Impinj, Inc. gained 69 cents to $18.09 on May 9 on 1.7 million shares traded. On May 8 the stock popped 30% as the maker of tools and equipment for tracking real-world goods reported first-quarter results that were viewed positively. The May 8 move broke the stock out of a three-month consolidation, and now the stock is approaching its February 1 pre-breakdown high near $22.50, the next target.
PolarityTE, Inc. added 27 cents to $23.38 on 573,900 shares traded May 9. The tissue engineering company announced it is hiring dedicated sales representatives on the East Coast to accelerate the regional market release of its SkinTE product. The stock, which rose for the seventh day in a row, backed off from its intraday high of $24.64, and could consolidate in this area before its next move up. A move through lateral resistance at $25.50-.75, last reached in February, could lead to $30 next.
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Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
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Source: Equities.com News
(May 11, 2018 - 8:30 AM EDT)
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