Courtesy of Benzinga.
Akebia Therapeutics Inc (NASDAQ: AKBA) had a big day on Tuesday, popping $2.11, or 16 percent, to $15.01, on 6.6 million shares traded. That’s nearly 8 times its average volume. The move came on news that Vifor Pharma will make a $50 million investment in Akebia as part of a partnership agreement. If price holds Tuesday’s intraday low of $14.68 and starts to move up again, it could accelerate into the $17-$19 range.
Achaogen Inc (NASDAQ: AKAO) rose on Tuesday by $1.56, or 7 percent, to $25.33, on 526,500 shares traded on no news. Stock in the biopharmaceutical has been consolidating since mid-March. If the stock begins to see a breakout of the $26-$27.75 range on stronger volume, price could climb towards the channel top in the high $30’s. Short interest of 6.4 times its average volume could fuel the move as shorts cover on a rally.
Melco Resorts & Entertainment Ltd(ADR) (NASDAQ: MLCO) rose by 53 cents, or 2.39 percent, to $22.68, on 10.3 million shares traded, reaching $22.94 intraday. Recent price strength has followed news of the company’s debt financing plans. The upper trendlines of the rising 10-month channel and steeper 2-month channel meet just above here in the $23.50-24 zone, a move through which could lead to the $25-$26 range, followed by $28.
Qorvo Inc (NASDAQ: QRVO) gained another $3.30, or 4.6 percent, rising to $74.84, on 3.1 million shares traded Tuesday. Stock in the Apple supplier exploded in the last week, going from under $66 to Tuesday’s high at $74.92 on news that hedge fund Baupost Group had taken a nearly $500 million investment in the company. The stock has held support on numerous occasions since early February, and Tuesday’s move broke it above a lateral resistance zone from recent tops. Watch for a move next to the channel top near $77-78, followed potentially by the high $80s.
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