Additional Trading Ideas:
In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these may need to see a break past key support or resistance:
AFCE, ADI, CSX, PBI, ADSK, MYL, LINTA, YHOO, P, CRL, PEB, BRLI, VRSN, TMH, CSIQ, CTCT.
NEW BULLISH Plays
Anika Therapeutics - ANIK - close: 31.60 change: +0.81
Stop Loss: 29.75
Current Gain/Loss: unopened
Entry on November -- at $--.--
Listed on November 12, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 275 thousand
New Positions: Yes, see below
Why We Like It:
ANIK is in the healthcare sector, more specifically the biotech industry. The last several weeks have been somewhat volatile for biotech stocks. ANIK is no exception. However, shares of ANIK have managed to outperform its peers. The company last reported earnings on October 30th. According to the company's CEO its third quarter delivered record high net income and profits. Their gross margins improved from 49% to 68%, year over year. This bullish earnings news helped push ANIK to new all-time highs. Since then the rally has continued.
I do consider biotech stocks to be higher-risk, more aggressive trades. We never know when a headline about some clinical trial or FDA approval process could spark a big gap down or gap higher in the stock. I am suggesting small positions to limit our risk.
ANIK hit $31.70 on an intraday basis today. I am suggesting a trigger to launch positions at $32.05. If triggered our target is $38.00.
Trigger @ 32.05 *small positions*
Suggested Position: buy ANIK stock @ (trigger)