Biotech and pharma stocks dominate our list of top charts to watch today.
- Adamas Pharmaceuticals (NASDAQ:ADMS) moved up $1.72, or 5.3%, on Tuesday, closing at $33.87 on very light volume of 606,000 shares traded. Price has been volatile but has formed a bull flag consolidation pattern since the beginning of December. On Monday the company announced the full commercial launch of its Parkinson's drug, approved by the FDA in August for seven years of orphan drug exclusivity. With a close above the previous high of $38.22, the mid-$40s may not be far behind.
- Collegium Pharmaceutical (NASDAQ:COLL) picked up 31 cents, closing at $18.49 on light volume of 337,800 shares traded Tuesday. The stock chart's On-Balance Volume indicator has held steady during the present bull wedge consolidation period, signaling that the stock has been accumulated during the past few months. Today the company announced closing of its agreement, initially announced last month, to license opioid Nucynta from Depomed (NASDAQ:DEPO), a move that Collegium's CEO said will help them achieve profitability faster. Next targets: $25 and $29.
- Mirati Therapeutics (NASDAQ:MRTX) rocketed by 10.7%, up $1.85, closing at $19.05 on 501,500 shares traded Tuesday. The company announced Monday that BeiGene (NASDAQ:BGNE) will license the commercialization of Mirati's tumor drug in the Asia Pacific region. The stock has increased over 300% in value since mid-September. Price is now at resistance at $19.70. A close above that resistance level could open the door to the next targets at $22 and $24.
- Nektar Therapeutics (NASDAQ:NKTR) exploded up $10.63, or 18.5%, to close at $68.03 on very heavy volume of 5.9 million shares traded Tuesday -- more than double its average daily volume. The move came with news that Nektar's CEO spoke positively at a conference about the company's cancer drug pipeline. The stock has gained an impressive 186% since the end of October. Next target: $80.