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Four Biotechs Breaking Out

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Biotech stocks we follow were big movers Tuesday, and here are four to watch for continued upside.

REGENXBIO Inc. (RGNX) exploded up 18%, or $5.95, to close at $37.40 on very heavy volume of 1.2 million shares traded Tuesday. That is more than three times its average volume. The move was a follow-through from Monday’s surge that came on news that business partner, AveXis (AVXS), also in the gene therapy space, is being acquired by Novartis.  Next target is $40-41.

Tandem Diabetes Care, Inc. (TNDM) tore up 22%, or $1.29, closing at $7.01 on huge volume of 6.6 million shares traded. That is more than four times its average volume. The move came as the medical device company announced preliminary financial results indicating insulin pump shipments increased by 56 percent and sales by 42 percent in the first quarter of 2018 compared the first quarter of 2017.  Having moved up with high velocity, the stock has appreciated a whopping 89% in value in the last three weeks. On March 23, Robert W. Baird upgraded the stock from neutral to outperform with a price target lifted from $3 to $7.  Price is at the top of its channel, so expect a potential short-term pullback. Next target: $8.50. (more…)