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Achaogen, Inc. (AKAO) had a wonderful snapback, particularly late in the session on Tuesday. It exploded on investment news, and by the end of the day it pulled back and consolidated. It was up 2.12, or 10%, to 23.90, on 2 million shares traded. The snapback was important, and the volume was the best on an up-day going back to 2016. If it’s the beginning of something, we shall see on Wednesday. Resistance it up around the high at 24.46. If it gets through that, we could see 26 1/2-3/4, maybe even 27 3/4, before it hits the top of the channel over 30.
Cara Therapeutics Inc. (CARA) had a nice follow-through on Tuesday. It made a nominal new high, jumping 94 cents, or 5%, to 19.09, on 7.6 million shares traded, reaching a high of 20.00 even. That’s the highest it’s been since Aug 2015. With a volume of 7.6 million shares, this stock moved up sharply. It came down in the afternoon and didn’t close great, but from the standpoint of a daily pattern, technicals and volume, it looks pretty good. We’ll have to see if it holds the 17 1/2 range and takes off to Tuesday’s high at 20.24, it could run up to 23 short-term, and even 27 intermediate-term.
Kopin Corporation (KOPN) had nice action on Tuesday, especially near the close. It ran from approximately 3.90 to 4.19, and backed off a little at the close, closing up just 7 cents, or 2%, 4.1, on 615,948 shares traded. I like the way it’s acting. When a stock breaks out, often it will test the breakout point, which was 4.09-4.10. The volume was solid for the day. I’m looking for 4 3/4, 5-5 1/4 as targets going forward.
Nektar Therapeutics (NKTR) broke out on Tuesday on low volume, popping 55 cents, or 2%, to 23.93, 1.7 million shares traded. Although it wasn’t too bad, we’ve seen a lot more than that in the past. The consolidation zone in the last week was taken out. I would not be shocked to see it make a run at 26 short-term.
Stocks on the long side included Achaogen, Inc. (AKAO), Aqua Metals, Inc. (AQMS), Cara Therapeutics Inc. (CARA), Catalyst Biosciences, Inc. (CBIO), The Chemours Company (CC), Diffusion Pharmaceuticals Inc. (DFFN), Darden Restaurants, Inc. (DRI), Highpower International, Inc. (HPJ), Imprimis Pharmaceuticals, Inc. (IMMY), Impax Laboratories Inc. (IPXL), Kopin Corporation (KOPN), Nektar Therapeutics (NKTR), Omeros Corporation (OMER), Restoration Hardware Holdings, Inc. (RH), Star Bulk Carriers Corp. (SBLK), Scientific Games Corporation (SGMS), Sears Holdings Corporation (SHLD), Shopify Inc. (SHOP), Skechers U.S.A., Inc. (SKX), Tarena International, Inc. (TEDU), Tronox Limited (TROX), and Western Digital Corporation (WDC).