These four stocks are moving on news and gaining technical momentum.
Axsome Therapeutics, Inc. jumped $8.60 to $89.57 on 2.6 million shares Wednesday, more than double its average volume. On Monday the biotech company said its experimental treatment for depression met the primary endpoint in a Phase 3 clinical trial. The move popped the stock through the top of an already steep channel rising from the $20 level just two months ago. Watch for $106 next.
Bed Bath & Beyond Inc. gained 84 cents to $17.72 on 10.5 million shares Wednesday. The move followed news of a restructuring in which six senior leaders are leaving the specialty retailer. The stock has been stair-stepping up its rising channel since its mid-August low at $7.31, and the channel top now points to a target of $20-$20.50.
ImmunoGen, Inc. climbed 35 cents to $4.97 on 7.5 million shares Wednesday, more than triple its average volume. On Tuesday the biotech company announced the FDA cleared a trial that could support accelerated approval for its investigational ovarian cancer drug. That news propelled a move that popped the stock out of a falling wedge and through channel and lateral resistance. The next target is $6.
comScore, Inc. rose 29 cents to $5.19 on 1.2 million shares Wednesday. On Tuesday the company announced an agreement to provide Publishers Clearing House with digital audience measurement. The stock has risen sharply from below $2 two months ago, and the channel top points to a target of $7.25.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis and live chart presentations.
Equities Contributor: Harry Boxer
Source: Equities News