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Avadel Pharmaceuticals (AVDL) made an explosive move and has been up seven days in a row. On Monday, it was up another 1.10, or 33%, to 4.47, on 11.5 million shares. It broke across a breakaway gap and out of an inverse head-and-shoulders massive pattern tens months in the making. I think it’s going to run up to 6 1/4-1/2, maybe as high as 8.00.
Dova Pharmaceuticals, Inc. (DOVA) jumped 2.79, or 18 1/2, to 17.89, on 1.2 million shares, the biggest volume in two and a half months. I’ve been watching this stock for months, and the last eight or nine weeks it has gone sideways and coiled, retested, and then had the big pop on Monday. Targets are 21 and 26.
Cesca Therapeutics Inc. (KOOL) has been building a beautiful base the last year and two months. Recently, it coiled, popped and pulled back, and then ran and spiked up 1.07, or 20%, to 6.40, on 509,287 shares traded. That’s good money for that stock. Looking at the overall structure of the pattern, I could very well see this stock make a run at 7 1/2 and 9.00.
Rite Aid Corporation (RAD), another retailer in the drug-chain group, popped 44 cents, or 6%, to 7.84, on 1.15 million shares on Monday. After a sharp run-up from 5.00 to 10.00, a 50% retracement, it started to move back up again. It may be headed to 9 1/2-10, which are the next targets.
Stocks on the long side included AudioCodes Ltd. (AUDC), Avadel Pharmaceuticals (AVDL), Coeur Mining, Inc. (CDE), Dova Pharmaceuticals, Inc. (DOVA), At Home Group Inc. (HOME), InMode Ltd. (INMD), Cesca Therapeutics Inc. (KOOL), Lannett Company, Inc. (LCI), Pier 1 Imports, Inc. (PIR), Rite Aid Corporation (RAD), the SPDR S&P Biotech ETF (XBI).