The stock market had a sloppy consolidation day on Monday, so we’ll have to see what transpires the rest of the week. There were some big moves, especially with the biotech stocks that we follow. Let’s take a look at some of them.
Alnylam Pharmaceuticals, Inc. (ALNY) led the way for the biotech stocks on Monday, up 6.64 to 19.16, or 53%, on 9.6 million shares, just a dime off the high. This was a monster move for this stock. A massive declining topsline was taken out, head-and-shoulders formed, and then a breakaway gap on Monday. This could lead to much higher levels. Look for something around 24-5 zone short-term.
Synageva BioPharma Corp. (GEVA) had a big run-up and consolidation six months ago and is finally breaking out and running nearly every day. On Monday, it ran up 1.97 to 49.10, or 4%, on 183,000 shares, which is low volume, but not for this stock. Look for it to get into the low-to-mid 50’s short-term.
Nektar Therapeutics (NKTR) is doing very well and reached the top of its channel on Monday. It jumped 1.19 to 9.68, or 14%, on 3.3 million shares. That’s the biggest volume since February. There may be some resistance up around 10, but look for a follow-through on this one.
VIVUS Inc. (VVUS) came out of a little bit of a consolidation-pullback flag and spiked 1.55 to 28.70, or 5.67%, on 8.9 million shares on Monday. Look for this stock to eventually spike up into the 40 zone. The top of the channel appears to be somewhere around 31, which is the short-term target.
Other stocks in our Charts for the Day are Amarin Corporation (AMRN), Antares Pharma Inc. (ATRS), AuthenTec, Inc. (AUTH), Jamba, Inc. (JMBA), Lexicon Pharmaceuticals, Inc. (LXRX), Orexigen Therapeutics, Inc. (OREX), Rex Energy Corporation (REXX).