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.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage. He has no positions in any of these stocks.