This was definitely turn-around Tuesday, and the market had a nice rally, first gapping up, then consolidating, exploding in afterhours. It had a nice day, but still it’s only a .382 Fibonacci retracement of the entire drop. We’ll see if we extend it or not. Bottom line is the market had a good day, and a lot of stocks we followed and/or traded did well.
ANI Pharmaceuticals, Inc. (NASDAQ:ANIP), a swing trade of ours, snapped back nicely. It pulled back right at support, bounced to resistance, pulled back again when the market got tanked, but held, and on Tuesday, it popped4.45 to 57.00, or 8.47%, on 377,035 shares traded. That was the best volume on an up-day in about three weeks. Looks to me like, with the close at 57, this could very well start the breakout. Mid-channel targets are 63-64, and then 72-73. It has 6.25 days to cover. I think this is one of the better-acting biotech’s.
Novavax, Inc. (NASDAQ:NVAX) is a swing trade of ours that is doing well. It jumped 70 cents to 6.97, or 11%, on 9.4 million shares on Tuesday. That’s the biggest volume on an up-day in a month. More importantly, it’s pushing resistance, and closed at the highest close than I’ve ever seen on it. If it pops through here, I’m looking for 8.00, and then 9.00 plus. It has 11.7 days to cover.
Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) is one of the better junior biotech’s. The Feb low was under 10, and now it has gotten up to 20, more than doubling in that amount of time and in multiple waves. On Tuesday it was up 1.01 to 19.06, or 5.6%, on 425,492 shares traded. It may very well be headed toward the 20-21 zone, even as high as 23 short-term. It has 5.6 days to cover.
Teladoc, Inc. (NYSE:TDOC) is a new issue for us. We put out a swing trade on it on Tuesday. I’ve been following this for a while, and when it broke out, I put a letter at 13.63, and it closed a point above that. Targets are 15 3/4, and then the whole way up to the high teens. It has 14.6 days to cover.
Stocks on the long side included ANI Pharmaceuticals, Inc. (ANIP), Exact Sciences Corporation (NASDAQ:EXAS), GOL Linhas Aereas Inteligentes S.A. (NYSE:GOL), GW Pharmaceuticals (NASDAQ:GWPH), MGT Capital Investments, Inc. (NYSE:MGT), Novavax, Inc. (NVAX), Stone Energy Corp. (NYSE:SGY), Supernus Pharmaceuticals, Inc. (SUPN), Teladoc, Inc. (TDOC), VelocityShares 3x Long Natural Gas ETN (NYSE:UGAZ), Vuzix Corporation (NASDAQ:VUZI), and Xencor, Inc. (NASDAQ:XNCR).