NEW YORK (TheStreet) -- Looking for smart momentum investments?
Here are three biotech and pharmaceuticals stocks and one software company to watch today that have strong potential to accelerate higher.
Globant has popped out of a multi-week falling wedge, breaking out for the third time since late March as it stair-steps up its rising channel. After being repelled by resistance on Friday (rising after Thursday's first quarter profit news) and dropping for two days, the software company's stock exploded for a $2.44, or 10.3%, gain on Wednesday to $26.01, breaking out across a double-top. Next target is $31.
Opko Health gained another 67 cents to $18.02 on Wednesday and has risen for eight days in a row after breaking out of a three-month base. The stock has punched through resistance at mid-channel, and now the targets are $20, and then $22.
The holding company, with investments in pharmaceutical and diagnostics companies, topped street revenue forecasts its May 11 report.
Seattle Genetics is a biotech company focusing on antibody therapies cancer treatment and has started to move out of a head-and-shoulder bottoming pattern. The stock broke out earlier this month, platformed, and then ran again on Wednesday, up $1.76 to $42.99 on 1.6 million shares on no news. Targets are the August high at $45, and then $49.50.
TTPH data by YCharts
Tetraphase Pharmaceuticals had an excellent day on Wednesday, up $4.84, or 12%, to $45.33 on 1.3 million shares on no news. The move broke the stock out of a key congestion range that it's been in since late December. The biopharmaceutical company's stock is in a steep, long-term up-channel, having run up from the eight range a year ago. Positioned at the bottom of the channel, it has a lot of room to move higher, with targets in the $60-to-$65 range.
See more chart analysis on these stocks.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.