Editors' pick: Originally published April 14.
Biotech stocks have been among the most downtrodden in the past year. Here are four to watch.
Inogen also had a strong move on Wednesday on no news, up $3.44, or 7.3%, to $50.22, on 644,100 shares traded. That was the second biggest volume on an up-day since September. The move is the latest is a series of flags and breakouts for the maker of portable oxygen concentrators since its February low at $29. The stock is right near my secondary swing target at $51, having touched $50.46 intraday on Wednesday.
Medivation, Inc. (MDVN)
Medivation is in a steep up-channel off its February low. The stock moved towards the channel top on Wednesday, up $3.64, or 8%, to $49.37, on 6.1 million shares. The move came on news that the biopharmaceutical rebuffed a recent takeover attempt by drugmaker Sanofi. The next levels to watch are the September high near $53, followed by the June high near $58.
Ocular Therapeutix also had a very good day on Wednesday, up 1.18, or 10%, to 12.97 on 2.6 million shares on no news. The stock reached our target a week ago and pulled back, but now appears to be moving again. If it takes out last week's high at $13.49, watch for a move toward the October high near $18.
Bonus stock! This one isn't a biotech but one to watch anyway.
Ebix had a nice pop on Wednesday, up $3.98, or 10.6%, to $41.69 on 620,100 shares traded. The software and e-commerce services provider announced it has begun to implement an e-governance project for India's largest goverment-owned ISP. The stock is in a sideways channel after its steep upmove in late February, and touched the top of the channel at $42.06 intraday on Wednesday before pulling back. Watch for a break of that level en route to the high $40's, and then high $50's.
See Harry's video chart analysis on these stocks.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage. He has no positions in any of these stocks.