By Harry Boxer
Here are four stocks in biotech, energy and media that are breaking out on news.
Endocyte Inc. had a strong session Tuesday, up 81 cents, or 6%, to $14.45 on 1.4 million shares traded. The biopharmaceutical company, which on Monday was added to the Russell 3000 Index, announced that an image from its Phase 2 prostate cancer study was selected as “Image of the Year” by the Society of Nuclear Medicine and Molecular Imaging. The stock has been in a month-long sideways range, with lateral resistance at around $15. Beyond that, a break of June 12’s intraday high at $15.45 could accelerate price toward the $18 channel top.
Enphase Energy Inc. /zigman2/quotes/207948472/composite ENPH -0.66% gained 32 cents, or 4.5%, to $7.30 on 7.3 million shares traded Tuesday. The energy-technology company announced the introduction of its seventh-generation solar microinverters across Australia and New Zealand. The stock, which has stair-stepped up its year-long rising channel, recently bounced off channel-bottom support, moving up in six of the past seven sessions. Watch for a continuation to $8 next, followed by $9.50.
Gray Television Inc. /zigman2/quotes/207278346/composite GTN +4.82% popped $1.65, or 11%, to $16.50 on 5.1 million shares Tuesday, on four times average volume. The move followed through on the stock’s 16% surge Monday when the company announced it would buy privately held rival broadcaster Raycom Media Inc. in a $3.65 billion deal that would create the third-largest TV broadcast group in the U.S. With two consecutive up-gaps, the stock could pull back to as low as $15.50 before its next move up. Next resistance is $17.75.
Spectrum Pharmaceuticals Inc. /zigman2/quotes/205199409/composite SPPI +0.91% surged $2.77, or 14.6%, to $21.75 on 6.4 million shares traded Tuesday, on 3 1/2 times its average volume. The move came after a report surfaced that the developer of hematology and oncology drug products is looking to sell itself. The move may have broken the stock out of a big four-month wedge pattern. Watch for a move next to the $23 double-top level from earlier this year.
See Harry’s video-chart analysis on these stocks.
The writer has no holdings in any securities mentioned.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.