Aurora Cannabis Inc (OTC:ACBFF), the second largest cannabis stock, had a 5-wave move up coming off a large base. I don’t think marijuana stocks are anywhere near done yet. Longer-term I think it can be played and that this is a 20-25-dollar stock at some point. What we’re seeing now is a run-up to resistance and a pullback. Tuesday was a bit of an up-day, ACBFF gaining 28 cents, or 4%, to 7.20, on 2.35 million shares. This needs to get through 7.90. If it gets through there, targets are 9 3/4-10, and then 12 1/2. Keep an eye on volume on this one.
Array BioPharma Inc (NASDAQ:ARRY) had a big bullish, engulfing bar on Tuesday, coming off the trend line and moving average, and breaking out at the close, jumping 1.50, or 9%, to 19.00, on 3.85 million shares. Short-term target is 21 1/2-22, and intermediate target 25-6.
Coherus BioSciences Inc (NASDAQ:CHRS), a swing trade of ours, may have broken out on Tuesday, gaining another 1.15, or 8%, to 16.40, on 1 million shares. This stock needs a follow-through. Note that the high was 16.95, and the high back in May was 17.05. So, it needs to get through that zone. The next targets are 20, and then 24.
PolarityTE Inc (NASDAQ:COOL) had a great day on Tuesday, making its way up 1.58, or 5.2%, to 31.88, on 820,823 shares traded. I really like the way its been acting since it broke out in early May. It ran up sharply, formed a falling wedge, and then the next run-up was interrupted by the Citron report. It can only do so much and could knock it down, but it snapped right back up on decent volume to retest the high at 33-331/4. If it gets through here, targets going forward are 38, and then 45.
Stocks on the long side included Aurora Cannabis Inc. (ACBFF), Canopy Growth Corporation (CGC), Akcea Therapeutics, Inc. (AKCA), Array BioPharma Inc. (ARRY), Arrowhead Pharmaceuticals, Inc. (ARWR), Audentes Therapeutics, Inc. (BOLD), Coherus BioSciences, Inc. (CHRS), Caladrius Biosciences, Inc. (CLBS), PolarityTE, Inc. (COOL), Cornerstone OnDemand, Inc. (CSOD), Evolus, Inc. (EOLS), Fate Therapeutics, Inc. (FATE), National CineMedia, Inc. (NCMI), Neptune Technologies & Bioressources Inc. (NEPT), Spark Therapeutics, Inc. (ONCE), Sarepta Therapeutics, Inc. (SRPT), and SolarWindow Technologies, Inc. (WNDW).
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