BALTIMORE (Stockpickr) -- Put down the 10-K filings and the stock screeners. It's time to take a break from the traditional methods of generating investment ideas. Instead, let the crowd do it for you.

From hedge funds to individual investors, scores of market participants are turning to social media to figure out which stocks are worth watching. It's a concept that's known as "crowdsourcing," and it uses the masses to identify emerging trends in the market.

Crowdsourcing has long been a popular tool for the advertising industry, but it also makes a lot of sense as an investment tool. After all, the market is completely driven by the supply and demand, so it can be valuable to see what names are trending among the crowd.

While some fund managers are already trying to leverage social-media resources like Twitter to find algorithmic trading opportunities, for most investors, crowdsourcing works best as a starting point for investors who want a starting point in their analysis.

We'll leverage the power of the crowd to take a look at some of the most active stocks on the market.

Celgene

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Mega-cap biopharma Celgene(CELG) - Get Report is up more than 9.4%, following the news that the company is acquiring Receptos (RCPT) for $6.7 billion in cash.

  • Nearest Resistance: $135
  • Nearest Support: $125
  • Catalyst: RCPT Acquisition

Wall Street obviously likes the idea of a Receptos acquisition a lot -- and that's the reason behind Wednesday's big move higher.

While shares are up almost double digits as I write, the breakout in Celgene's chart actually happened a few sessions ago, when the shares cleared the top of the downtrend that had been haranguing the stock since March.

Now, with all-time highs in place, Celgene could have much higher ground ahead of it this summer.

Arena Pharmaceuticals

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Small-cap biopharmaceutical stock Arena Pharmaceuticals(ARNA) - Get Report is getting a 7% shot in the arm thanks to the Receptos acquisition as investors hope that this billion-dollar drug maker could be next in line for an acquisition offer.

  • Nearest Resistance: $5
  • Nearest Support: $4.65
  • Catalyst: RCPT Sympathy Move

Arena has some drug development overlaps with Receptos, and an analyst note from Pipe Jaffray on Wednesday morning points out that the Receptos deal could provide more willingness for investors to pay a higher premium for Arena.

Arena's technicals looked pretty ugly long term until Wednesday morning. The shares had been forming a bearish descending triangle pattern for nearly all of 2015, but that pattern broke to the upside with the acquisition news.

Often, an aborted bearish pattern is just as good for investors as an outright bullish one. That's a reason to keep an eye on Arena's upside in the next couple of weeks.

Receptos

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The other side of the Celgene move is, of course, Receptos (RCPT) itself.

  • Nearest Resistance: $232
  • Nearest Support: $228
  • Catalyst: Acquisition

Receptos is up more than 10% on the acquisition news, with Celgene paying investors $232 per share in cash.

As I write, Receptos is trading for a nearly negligible 1.5% risk premium, indicating that Wall Street is almost certain that this deal is going to get done. Put simply, the money has already been made on the Receptos trade at this point. Late-to-the-game traders should look for other opportunities now.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.