Canopy Growth Corporation (CGC) rose 88 cents to $21.13 on 6.7 million shares Thursday. The company announced a new hemp-derived CBD product line. The stock bounced off the bottom of its declining channel last month, and has since been consolidating before breaking out of the channel earlier this week. A move through recent highs in the $21.50-.70 area could lead to our next target of $26.
Mallinckrodt plc (MNK) jumped 33 cents, or nearly 10%, to $3.69 on 7.6 million shares Thursday. The UK-based biopharmaceutical company last week announced findings on a novel predictive model to more quickly identify infants with a rare seizure disorder. A break through lateral resistance in the $4-$4.15 range could accelerate the stock to $5.25.
ProQR Therapeutics N.V. (PRQR) popped 95 cents, or nearly 11%, to $9.73 on 396,600 shares Thursday. The biotech company, which is developing RNA medicines to treat severe genetic rare diseases, announced the first patient dosed in a phase 1/2 eye disorder study. Thursday’s move broke the stock above lateral resistance. Watch for a quick test of $10.25 next, a break through which could lead to $12.
ShockWave Medical, Inc. (SWAV) climbed $2.17 to $43.99 Thursday on 819,600 shares, more than 1 1/2 times its average volume. The move, on no news from the medical device company, positioned the stock right at lateral resistance. A follow-through could take it to the top of its 2 1/2-month rising channel in the $45-$46 zone.
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Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.