The stock market sure is under pressure. It’s kind of like it’s giving itself a chance to breathe here. I’m not seeing any major slowing, of course. The biotech’s are going con and it’s starting to really bother me. Some of these stocks are extended beyond where I think they need to be in terms of value, but we’ll keep riding them with stops. Be careful. This may reverse anytime as a group. It could be a day or two from now or it could be a week or two, even a month.
Amicus Therapeutics (NASDAQ:FOLD), has been moving up nicely. We’ve been watching all year when it popped out above the 3-4.00 range. It formed a flag, another flag, a large wedge, another wedge, and finally the consolidation zone exploded with a big gap above it. It reached as high as 13.20, closed at 12.46, up 3.11, or 33%, on 21.6 million shares. That’s monster volume for this stock. Lateral resistance for the high back in 2009, may be another reason why this stock backed off. Target is up a 19 plus.
NewLink Genetics (NASDAQ:NLNK) has a great-looking chart, and a nice swing trade for our traders. On Thursday, it was up 3.51 to 55.93, or 6.7%, on 789,036 shares traded. It has done well in the last few weeks going from about 31.70 to 56.79, almost a 60% move. The target is 61-2. I look forward to see if it will extend to get up to that zone.
Sorrento Therapeutics (NASDAQ:SRNE), an absolute, dynamite company, has a great chart. On Thursday it was up 76 cents to 14.00, or 5.7%, on 453,142 shares traded. The target on this one is 16 short term. If it gets through that, look for it to run up to 22.00.
ZIOPHARM Oncology (NASDAQ:ZIOP) closed at 14.00, up 43 cents, or 3.1%, on 4.8 million shares. That’s the highest close we’ve had on this in its entire pattern. If it gets out above 14.25-.27 on Friday, which it could very easily, and likely do, it could spike to 17. That’s what I will be looking for on this one.
Other stocks on Harry’s Charts of the Day included Infoblox (NYSE:BLOX), Celldex Therapeutics (NASDAQ:CLDX), Esperion Therapeutics (NASDAQ:ESPR), Second Sight Medical Products (NASDAQ:EYES), Isis Pharmaceuticals (NASDAQ:ISIS), Kite Pharma (NASDAQ:KITE), Lion Biotechnologies, (NASDAQ:LBIO), Neurocrine Biosciences (NASDAQ:NBIX), OvaScience (NASDAQ:OVAS), Paycom Software (NYSE:PAYC), Retrophin (NASDAQ:RTRX), TG Therapeutics (NASDAQ:TGTX), Tekmira Pharmaceuticals (NASDAQ:TKMR), Tetraphase Pharmaceuticals (NASDAQ:TTPH), and TherapeuticsMD (AMEX:TXMD).