Momentum Stocks to Watch

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These four stocks are moving on news and gaining technical momentum.

Axsome Therapeutics, Inc. (AXSM) jumped $8.60 to $89.57 on 2.6 million shares Wednesday, more than double its average volume.  On Monday the biotech company said its experimental treatment for depression met the primary endpoint in a Phase 3 clinical trial. The move popped the stock through the top of an already steep channel rising from the $20 level just two months ago. Watch for $106 next.

Bed Bath & Beyond Inc. (BBBY) gained 84 cents to $17.72 on 10.5 million shares Wednesday. The move followed news of a restructuring in which six senior leaders are leaving the specialty retailer.  The stock has been stair-stepping up its rising channel since its mid-August low at $7.31, and the channel top now points to a target of $20-$20.50.

ImmunoGen, Inc. (IMGN) climbed 35 cents to $4.97 on 7.5 million shares Wednesday, more than triple its average volume.  On Tuesday the biotech company announced the FDA cleared a trial that could support accelerated approval for its investigational ovarian cancer drug.  That news propelled a move that popped the stock out of a falling wedge and through channel and lateral resistance.  The next target is $6.

comScore, Inc. (SCOR) rose 29 cents to $5.19 on 1.2 million shares Wednesday.  On Tuesday the company announced an agreement to provide Publishers Clearing House with digital audience measurement.   The stock has risen sharply from below $2 two months ago, and the channel top points to a target of $7.25. 

See Harry’s video chart analysis on these and 15+ other top charts.

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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