Bluebird bio Inc (NASDAQ:BLUE) did very well on Wednesday, up 2.60, or 4%, to 67.60, on 1.3 million shares traded and is on the verge of popping out of a big wedge. Anytime a stock goes from 36 all the way up to 80, more than doubling, there will be some kind of consolidation. If it’s already up two waves, the third wave could take it up to 95 -105. That’s a possibility. I’m not saying it’s headed there yet, but if it gets over 75-80, which is the near-term target, it could run.
Clovis Oncology Inc (NASDAQ:CLVS) has been looking good for quite some time. After the pop last week, it pulled back on Monday, held support, and on Wednesday, it popped 36 cents to 56.62, on 2 million shares traded. If it gets up to the center line, it could accelerate toward 80. The near-term target is 65. It has 3.37 days to cover and is looking good.
Mimecast Ltd (NASDAQ:MIME) is doing well, up another 71 cents, or 3.4%, to 21.63, on 129,163 shares traded on Wednesday. Keep an eye on the level where it closed. It may very well make a move up towards 23 1/2, and then 25.
Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) had another big day on Wednesday, going from 19 1/2 to 23, and change, and closed up 2.96, or 15%, to 22.46, on 895,159 shares traded. It backed off afterhours after a secondary to 19 3/4. It could extend rather rapidly here. If it’s near the top of the channel, look for it to come in at the 25-28 range short-term.
Stocks on the long side included Aerie Pharmaceuticals, Inc. (NASDAQ:AERI), Apricus Biosciences, Inc. (NASDAQ:APRI), bluebird bio, Inc., Cara Therapeutic (NASDAQ:CARA), Cannabis Sativa, Inc. (OTC:CBDS), Cognex Corporation (NASDAQ:CGNX), Clovis Oncology, Inc., Emerge Energy Services (NYSE:EMES), Fastenal Company (NASDAQ:FAST), Direxion Daily S&P Biotech Bull 3X ETF (NYSE:LABU), aTyr Pharma, Inc (NASDAQ:LIFE), Loxo Oncology, Inc. (NASDAQ:LOXO), Mimecast Limited, Nucor Corporation (NYSE:NUE), United States Steel Corp (NYSE:X), and Zynerba Pharmaceuticals, Inc.