3 Biotechs on the Move
Three biotechs, along with recent IPO Pinterest, are among our four charts to watch today.
G1 Therapeutics, Inc. (GTHX) jumped $4.75, or 24%, to $24.50 on 2.2 million shares Tuesday. The move, on over 5 times its average volume, came on news of encouraging data from the company's phase 2 study of its trilaciclib treatment for metastatic triple-negative breast cancer. The stock has next resistance at its May high at $27.90, a move through which could take it to $30.
Iovance Biotherapeutics, Inc. (IOVA) gained 45 cents to $22.40 on 2.3 million shares. IOVA was among cancer-therapy stocks moving on Monday's news that Pfizer Inc. will acquire cancer drug maker Array BioPharma Inc. in a deal worth up to $11.4 billion. The stock is near the top of the rising channel it's been in since gapping up a month ago and could see some consolidation before its next move, with a target of $28.
Nektar Therapeutics (NKTR) popped $1.47 to $35.17 on 1.1 million shares Tuesday on no news from the developer of drug candidates for cancer, auto-immune disease, and chronic pain. The stock is in a mini-base pattern and needs to get through its recent double-top at $35.80. A move through there could get it to $38.75 next.
Pinterest, Inc. (PINS) rallied 95 cents to $28.80 on 8.7 million shares Tuesday. The move came on no news from the online discovery service, but followed bullish comments and coverage initiation Monday by a Wedbush analyst. After exploding out of its recent IPO and then pulling back, the stock is on the move again. Next target would be the lateral resistance level at about $31.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.