Harry Boxer’s three drug stocks to watch
Drug stocks are dominating our list of top charts to watch.
Arbutus Biopharma Corp. ABUS, -1.99% snapped back 55 cents to $11.35 on 417,300 shares traded Tuesday. The move came on no news from the hepatitis-drug company, whose shares had dropped Monday after a four-day run-up from under $9. A move through its recent high near $12 could take the stock all the way to $15.
Arrowhead Pharmaceuticals Inc. ARWR, -1.74% jumped 65 cents to $16.45 on 1 million shares traded Tuesday. The move came on no news from the developer of RNA interference drugs. The stock has been in a week-long flag after its breakout from another flag during what has been a steep ascent since early May. A move through Monday’s high near $16.75 could propel the stock to the channel top near $22.
Zafgen Inc. ZFGN, +2.06% rose 52 cents to $10.56 on 444,800 shares traded Tuesday. There was no news from the company, which develops therapies for patients suffering from metabolic diseases. Tuesday’s move broke the stock out of a mini flag that had followed its steep advance since late June. A break of recent highs near $11.25 could get the stock to $12.75 next.
The lone non-drug stock today is Abercrombie & Fitch Co.ANF, -0.41% which gained 79 cents to $26.36 on 1.3 million shares traded Tuesday on no news. The stock, which is in a one-year up-channel, tested rising trend line support in early June and again recently. Tuesday’s move broke it out of a declining wedge, with the June high near $28.75 the next target, followed by the low $30s.
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.
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