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Trade Ideas: 4 Drug Stocks to Watch Today
01/24/2018 1:00 am EST
Harry Boxer is watching Corbus Pharmaceuticals, Dicerna Pharmaceuticals, Mirati Therapeutics and Spectrum Pharmaceuticals. He’s the founder of TheTechTrader.com, a live trading room with his stock picks, technical analysis, and live charts.
News and strong technical momentum are powering these four drug stocks.
Corbus Pharmaceuticals Holdings, Inc. (CRBP) went up 20 cents on Tuesday, closing at an even $9 on extremely heavy volume of 2.2 million shares traded. The cannabis drug stock consolidated for 9 months between $5.50 and $8.50 before finally closing above $8.50 on Monday. The move up is accompanied by positive 2018 industry sales projections for legal cannabis products. Price is likely to test the resistance range where multiple tops have occurred around $10.25. With a close above that level, next targets are $14 and $20. Short interest of more than 13 times its average volume could fuel the move as short-sellers cover on a rally.
Dicerna Pharmaceuticals, Inc. (DRNA) soared up out of a bull flag consolidation by 14% on Tuesday, gaining $1.37 before closing at $10.94 on 1.8 million shares traded -- more than 5 times its average volume. The move came with news that the RNAi therapeutics company's CEO will present at a capital markets conference next week. Price has risen nearly 300% over the last year and 93% since its last earnings announcement. Next targets: $12 and $15.
Mirati Therapeutics, Inc. (MRTX) popped 6.3%, or $1.65, closing at $27.70 on light volume of 387,500 shares traded. The stock has been on a tear up the chart since mid-September, when the company announced positive clinical study results for its lung cancer drug. If price breaks above its rising channel around the $29 level, it may well move up into the mid-$30s or beyond.
Spectrum Pharmaceuticals, Inc. (SPPI) sprang out of a 3-month bull flag consolidation, rising by 71 cents to $21.63 on very heavy volume of 2.8 million shares. The price jump up came with news that the cancer drug company will present at a capital markets conference next week. The stock's value has increased by over 360% in the past year. Next targets: $25 and $28.
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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