Energy and technology stocks are joining biotech among our top charts to watch today, as we feature momentum stocks making a move on earnings.
Arrowhead Pharmaceuticals Inc. ARWR, +1.33% jumped $1.25 to $9 on 5.6 million shares Wednesday, almost four times its average volume. The drug developer reported fiscal second-quarter earnings Tuesday that matched Wall Street expectations. The move broke the stock out of a two-month coiling consolidation. At its intraday high of $9.60, the stock got up to resistance at the rising trendline before backing off. A break through there could lead to $13.
Endocyte Inc. ECYT, -2.33% rose 95 cents to $12 on 1.4 million shares traded. The development-stage biopharma company yesterday posted a narrower-than-expected first quarter loss. The stock last week broke out of a six-week coil and pulled back slightly Tuesday, but Wednesday’s advance took it right up to its next lateral resistance area. The stock hasn’t been at this level since 2014, and the long-term chart shows a target of $18, where the stock resided just before breaking down in April of that year.
Legacy Reserves LP LGCY, +8.06% gained another 71 cents to $7.20 on 1.2 million shares traded Wednesday, more than double its average volume. The oil and natural gas producer has seen its stock advance from just above $1 in December 2017. After a brief consolidation in late April, the stock recently broke out again. The company reported first-quarter results May 2, which included news of 20 additional wells coming online late in the quarter. Next targets are $8 and then $10-$11.
Impinj Inc. PI, +1.93% gained 69 cents to $18.09 on Wednesday on 1.7 million shares traded. On Tuesday the stock popped 30% as the maker of tools and equipment for tracking real-world goods reported first-quarter results that were viewed positively. Tuesday’s move broke the stock out of a three-month consolidation, and now the stock is approaching its Feb. 1 pre-breakdown high near $22.50, the next target.
