It’s a tough market again and the trend is under pressure. There are a lot of stocks that we follow that have done well, and we had some nice trades on Wednesday. A lot of them were biotech related. Let’s take a look at some of them.
Can-Fite BioPharma Ltd. (NYSE:CANF), which was put on a swing Wednesday, exploded to 5.59 before pulling back to 5.24, up 1.20, or 30%, on 16.5 million shares. That was huge volume for that stock. It was a very nice move for a four-dollar stock in a quick period of time. It closed at the upper end of the range about 35 cents off the high, and looks like it has a shot at moving up to the 7½ range and then the 9½ range.
Conatus Pharmaceuticals Inc. (NASDAQ:CNAT) was a nice day trade for this stock on Wednesday, up 78 cents to 5.74, or 15.7%, on 6.6 million shares. When the company announced positive drug results, this stock exploded to over 8.00, and is trading to over 7.00 at 7.80 in after hours. Resistance is up near 8.40-.45 range. If it gets above that maybe it will get a gap to about the 9.25-.40 zone, and then eventually 10-11.00.
Heron Therapeutics, Inc. (NASDAQ:HRTX), one of our recent swing trades, exploded on positive drug news, up 7.25 to 40.81, or 21.6%, on nine million shares on Wednesday. It went from Tuesday’s close of 33.56 to Wednesday’s open at 38.95, reaching a high of 42.25 before pulling back and closing at 40.81. There’s a little resistance up here. A move through 42.05 could get this one moving into the mid 40s, which is the target on this one.
Vitae Pharmaceuticals, Inc. (NASDAQ:VTAE) did well on Wednesday, up 93 cents to 16.48, or 6%, on 531,000 shares traded. After the recent explosive move and coil, it had a powerful breakout a few days ago and backed off, but came on again and popped on Wednesday. The high two days ago was 17.28, and Wednesday’s high at 17.12, are in line with where the resistance may be. We're looking for a level that, if broken, will create an explosive move. Keep an eye on this one.
Other stocks on the long side include Cross Country Healthcare, Inc. (NASDAQ:CCRN), Concert Pharmaceuticals, Inc. (NASDAQ:CNCE), Inteliquent, Inc. (NASDAQ:IQNT), Lakeland Industries Inc. (NASDAQ:LAKE), Nymox Pharmaceutical Corporation (NASDAQ:NYMX), Radius Health, Inc. (NASDAQ:RDUS), and Sharps Compliance Corp. (NASDAQ:SMED).