The Swing Shift - TSC
This column was originally published on RealMoney on Sept. 20 at 12:00 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.
Biotech stocks are on the move. It's a good time for traders and investors to get ready for action. I examined the sector Monday, noting bullish developments in the Biotech HOLDRs Trust(BBH) and highest-capitalized group issues. I've put together a sizable watch list of mid-cap biotechs that could be top performers in the weeks ahead. Many of these stocks aren't trading at perfect buy prices this week, so sit on your hands and wait for third-quarter window-dressing to bring institutional buyers off the sidelines. Protein Design Labs(PDLI) has doubled in price since my last look at the stock in April. This strong rally still shows considerable upside. Price is now working its way through a test of the 2004 high and may bottom out near current levels. Watch for last week's lows to hold and set up a rally that takes the stock to yearly highs.
Abgenix(ABGX) has underperformed the sector for several years, but just broke above a yearlong basing pattern at $10.50. It's risen steadily for the last five months and now could jump quickly into the mid-teens. The 2004 high at $19.50 marks strong resistance, so I'd use any rally into that price level to take profits.
ViroPharma(VPHM) is a great play for daytraders, swing traders and investors. The stock has rocketed from $1.67 to $18 in the last three months, but price action still shows a highly bullish pattern. It gapped into a test of the yearly highs following an upgrade last week, and it may not stop until it hits considerable resistance at its 2001 high near $41.
Protein Design Labs
Abgenix
ViroPharma
Cubist Pharmaceuticals
Vertex Pharmaceuticals
Meridian Bioscience
Biomarin Pharmaceuticals
Neurocrine Biosciences
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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| 12,438.67 | 1,310.20 | 2,828.01 | 15.81 |
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151.59
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-2.71%
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