Two biotechs and one technology stock top our list of charts to watch with strong technical momentum.
- ChemoCentryx Inc. (NASDAQ:CCXI) gained 39 cents to $14.47 on 643,300 shares Wednesday, following through on Tuesday's gains. The biopharmaceutical company, which is developing medications for inflammatory and autoimmune diseases and cancer, announced Tuesday it will be presenting at the H.C. Wainwright Global Life Sciences Conference on April 8. The stock is now up over 40% in the last four weeks since the company released earnings that beat Wall Street expectations, and is now approaching a resistance level and initial target at around $15. A break through there could lead to $17.
- Iovance Biotherapeutics Inc. (NASDAQ:IOVA) jumped $2.00, or 20%, to $11.80 on 4.5 million shares Wednesday after the biotech company, which is developing cancer immunotherapies, released a clinical program update. The move, which came on over 4x the stock's average volume, broke through lateral resistance and the neckline of the stock's head-and-shoulder bottoming pattern. Watch for a test of the September highs near $13.75 next.
- Lattice Semiconductor Corp. (NASDAQ:LSCC) popped 62 cents to $12.62 on 2.5 million shares Wednesday. The company on Tuesday announced that Pioneer & Onkyo Corporation would be adding its "eARC" enhanced audio feature to their home A/V receivers. The stock, which had gapped up by about 50% in mid-February on an earnings beat, recently consolidated some of those gains but held support before Wednesday's pop. Watch for a retest of resistance at the recent high near $13.15, a break through which could lead to $14.50 next.
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