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AXSM, CFMS, CGC, CRSP, SWAV, VCYT — Stock Charts to Watch

Charts of the Day video for Monday May 6th, 2019

Axsome Therapeutics, Inc. (AXSM), a standout performance among biotech’s, broke out of a little five-day flag, popping 1.20, or 6.69%, to 19.15, on 3.2 million shares on Monday. I think it’s headed to 23.

Conformis, Inc. (CFMS), which we put a swing on, is looking really good. I like the wedge breakout that occurred on Monday. It gained 16 cents, or 6.02%, to 2.82, on 4.7 million shares. At this rate, it looks to me like a rising channel may be tested in the 6-range, but let it get through the mid-range at about 4. So, 4 and 6 are targets going forward.

Canopy Growth Corporation (CGC) may have woken up on Monday. You can see that it came down and reversed, advancing only 12 cents to 49.20, but 3.5 million shares. It opened at 47.36 and closed at 49.20 at the upper end of the range. If this continues forward, it’s going to break out and run into the high 50’s, low 60’s.

CRISPR Therapeutics AG (CRSP) has a beautiful inverse, head-and-shoulder platform right at the neckline, on Monday jumping 1.52, or 3.75%, to 42.09, on 586,684 shares traded. If it can get above 43, then 47, 53, and 59 are targets. This should be a swing.

ShockWave Medical, Inc. (SWAV) continues to run and made new, IPO highs on Monday, spiking up 2.97, or 6.84%, to 46.40, on 500,682 shares traded. Targets going forward on this one are 50 and 54.

Veracyte, Inc. (VCYT) looks like it had an engulfing day on Monday, or at least some sort of positive reversal day, popping 90 cents, or 3.66%, to 25.50, on 1.75 million shares. All it has to do is get through 25.50 level. That’s going to be tough. Targets are 26.75, and then 31.00.

Stocks on the long side included Athenex, Inc. (ATNX), Avid Technology, Inc. (AVID), Axsome Therapeutics, Inc. (AXSM), Conformis, Inc. (CFMS), Canopy Growth Corporation (CGC), CRISPR Therapeutics AG (CRSP), Digimarc Corporation (DMRC), Esperion Therapeutics, Inc. (ESPR), GW Pharmaceuticals plc (GWPH), Idera Pharmaceuticals, Inc. (IDRA), ImmunoGen, Inc. (IMGN), Intelligent Systems Corporation (INS), Predictive Technology Group, Inc. (PRED), Rockwell Medical, Inc. (RMTI), Sinclair Broadcast Group, Inc. (SBGI), ShockWave Medical, Inc. (SWAV), Taitron Components Incorporated (TAIT), Veracyte, Inc. (VCYT), Voyager Therapeutics, Inc. (VYGR), and Zynerba Pharmaceuticals, Inc. (ZYNE).

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