ImmunoGen (NASDAQ:IMGN) reached a high of $5.66 and then closed back at $5.42, up 10.4% on Tuesday. Price has risen 18% in two sessions after a Leerink analyst raised his price target to $11 from $8. On Tuesday the biotechnology stock traded on heavy volume of 6.7 million shares, which is nearly twice its average volume and is the largest volume level for this stock in four weeks. Price is presently at resistance, but if it breaks through that level in its rising channel, the near-term target is $9.75.
Exelixis (NASDAQ:EXEL) gained 68 cents to close at $22.28 on Tuesday on 5 million shares, or about 50% greater than average. The move came following news that the biopharmaceutical company had successfully completed a phase II clinical trial for its kidney cancer drug, Cabometyx. Price exploded through its declining top line, moving above lateral resistance and its 50-day moving average. Next targets: $23.50 and $25.
On The Short Side
Cimarex Energy (NYSE:XEC) experienced a slight bounce and gained 56 cents, closing at $94.01 on 1.85 million shares traded. Price has declined every month since December and dropped by more than 20% since May 8 when it was $121.91. The energy stock may be oversold enough to get a significant bounce in this range, but eventually $82 and then $74 are next targets.
Yelp (NYSE:YELP) declined by 84 cents, or 2.7%, to 29.44 on 1.9 million shares traded Tuesday. Shares have dropped by $6.26, or 17.5%, since the company's May 9 earnings announcement when it offered disappointing EBITDA guidance for both 3Q and for all of 2017. On Tuesday price broke down from a bear wedge pattern on light volume. With follow-through, price may roll over to $26.50 and eventually to the $23 range.