Biotechnology stocks dominate our list of top charts to watch, with a uranium producer also advancing to the list.
CASI Pharmaceuticals Inc. CASI, +11.62% rose 48 cents, or 7.2%, to $7.14 on 773,700 shares traded Tuesday. The move came on no news from the company, although the stock soared in early April on news that China’s Food and Drug Administration (CFDA) would convene a panel to discuss its cancer therapy, Evomela. The stock has been flagging since that move, but may be positioning to break out, with the next target at $10.
Cameco Corp. CCJ, +2.24% gained 62 cents to $11.15 on strong volume of 5.4 million shares traded Tuesday. On Friday the uranium producer reported a surprise profit for its first quarter, benefiting from higher uranium prices and lower costs. The stock has a massive head-and-shoulders bottoming pattern in place, with yesterday’s move putting it right near resistance from the December high as well as the April 2017 breakdown level. Next target is the $12.50-$13.50 zone, the highs from early 2017.
Heron Therapeutics Inc. HRTX, +0.79% had a strong session Tuesday, up $1.25 to $31.55, although volume was lower than average at 978,100 shares traded. The move came on no news from the biotech company, which in March announced positive clinical trials for its post-surgical pain drug. The stock has been consolidating since its surge on that news, and may be on the verge of a breakout. Next target is $36.
Immunomedics Inc. IMMU, -1.21% leaped 83 cents to $19.04 on Tuesday, following up on Monday’s 7.7% advance. The clinical-stage biopharma company announced it will host a conference call to discuss its third-quarter financial results May 9. The stock has been steadily advancing since late 2016 in a parallel channel, though this year it has been in a sideways pattern within that up-channel. It is now pushing against lateral resistance, a break through that could lead to $23.
Mirati Therapeutics Inc. MRTX, +4.75% jumped $1.85 to $32.65 on lighter-than-normal volume of 366,800 shares traded Tuesday. Last week the company announced positive clinical trials data for its lung cancer therapies. After a surge from under $5 in September to $35 in March, the stock has been consolidating nicely. A move above $33.50 could position the stock to retest $37.
