Breakout Stocks of Week 9
NASDAQ was up last week (week 8) by 1.74% ending at 16,274.94 points after gaining 278.12 points during the week. Our system has detected some possible breakout stocks for the following week and these should be on your watchlist. These are the stocks that are bouncing up with good increase in volume and are likely to do good in short term. One of these stocks are Nkarta Inc. NASDAQ:NKTX. This stock has had a buy signal since Oct 31, 2023 when the price was $2.03 and is so far up 532.51% to $12.84. Some other companies are on our watchlist to, among these are Acuity Brands Inc NYSE:AYI Nomura Holdings Inc ADR NYSE:NMR Praxis Precision Medicines, Inc. NASDAQ:PRAX and Truist Financial Corporation NYSE:TFC which all got a breakout pattern emerging.
| Date | Company | Price | Week 9 |
|---|---|---|---|
| Nkarta Inc. | $12.84 | $14.63 | 13.94% |
| Acuity Brands Inc | $251.61 | $253.92 | 0.92% |
| Nomura Holdings Inc Adr | $5.84 | $6.25 | 7.02% |
| Praxis Precision Medicines, Inc. | $49.54 | $55.99 | 13.02% |
| Truist Financial Corporation | $35.26 | $37.44 | 6.18% |
The Nkarta Inc. stock price gained 6.29% on the last trading day (Friday, 1st Mar 2024), rising from $12.08 to $12.84. During the last trading day the stock fluctuated 7.61% from a day low at $12.09 to a day high of $13.01. The price has risen in 6 of the last 10 days and is up by 22.64% over the past 2 weeks. Volume fell on the last day by -26 thousand shares and in total, 825 thousand shares were bought and sold for approximately $10.60 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Mar 26, 2024, it was reported that Canaccord Genuity gave NKTX a "Buy" grade with a "hold" action.
Nkarta Inc. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
About Nkarta Inc.:
Nkarta, Inc., a a clinical-stage biopharmaceutical company, develops and commercializes cell therapies for cancer treatment. The company's approach for cellular immunotherapy involves chimeric antigen receptors on the surface of a natural killer (NK) cell that enable the cell to recognize specific proteins or antigens that are present on the surface of tumor cells. Its two co-lead product candidates are NKX101, which is in Phase I clinical trials for the treatment of relapsed/refractory acute myeloid leukemia or higher risk myelodysplastic syndromes; and NKX019, a pre-clinical product, which is based on the ability to treat various B cell malignancies by targeting the CD19 antigen found on these types of cancerous cells. The company has a research collaboration agreement with CRISPR Therapeutics AG. Nkarta, Inc. was incorporated in 2015 and is based in South San Francisco, California.
The Acuity Brands Inc stock price gained 0.147% on the last trading day (Friday, 1st Mar 2024), rising from $251.24 to $251.61. During the last trading day the stock fluctuated 1.45% from a day low at $249.30 to a day high of $252.91. The price has been going up and down for this period, and there has been a 3.98% gain for the last 2 weeks. Volume fell on the last day by -93 thousand shares and in total, 136 thousand shares were bought and sold for approximately $34.24 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Apr 03, 2024, it was reported that Cowen & Co. gave AYI a "Buy" grade with a "hold" action.
Acuity Brands Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
About Acuity Brands Inc:
Acuity Brands, Inc. provides lighting and building management solutions in North America and internationally. The company operates through two segments, Acuity Brands Lighting and Lighting Controls (ABL); and the Intelligent Spaces Group (ISG). The ABL segment provides commercial, architectural, and specialty lighting solutions, as well as lighting controls and components for various indoor and outdoor applications under the Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, Juno, Indy, Aculux, Healthcare Lighting, Hydrel, American Electric Lighting, Sunoptics, eldoLED, nLight, Sensor Switch, IOTA, A-Light, Cyclone, Eureka, Lumniaire LED, Luminis, Dark to Light, and RELOC Wiring Solutions brands. This segment serves electrical distributors, retail home improvement centers, electric utilities, national accounts, digital retailers, lighting showrooms, and energy service companies. The ISG segment offers building management systems and location-aware applications under the Distech Controls, Atrius, and Rockpile Ventures brands. This segment serves system integrators, as well as retail stores, airports, and enterprise campuses. Acuity Brands, Inc. was incorporated in 2001 and is headquartered in Atlanta, Georgia.
The Nomura Holdings Inc ADR stock price gained 2.10% on the last trading day (Friday, 1st Mar 2024), rising from $5.72 to $5.84. During the last trading day the stock fluctuated 1.18% from a day low at $5.78 to a day high of $5.85. The price has risen in 7 of the last 10 days and is up by 7.16% over the past 2 weeks. Volume fell on the last day by -825 thousand shares and in total, 2 million shares were bought and sold for approximately $9.56 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Nomura Holdings Inc ADR stock to perform well in the short-term.
About Nomura Holdings Inc ADR:
Nomura Holdings, Inc. provides various financial services to individuals, corporations, financial institutions, governments, and governmental agencies worldwide. It operates through three segments: Retail, Investment Management, and Wholesale. The Retail segment offers various financial products and investment services. As of March 31, 2022, this segment operated a network of 119 branches. The Investment Management segment engages in the management of funds, investment trusts, and other investment vehicles; and provision of investment advisory, custodial, and administrative services. The Wholesale segment is involved in the research, sale, trading, agency execution, and market-making of fixed income and equity-related products. It also engages in underwriting various securities and other financial instruments, such as various classes of shares, convertible and exchangeable securities, investment grade and high yield debts, sovereign and emerging market debts, structured securities, and other securities; arranging private placements, as well as other capital raising activities; and the provision of financial advisory services on business transactions comprising mergers and acquisitions, divestitures, spin-offs, capital structuring, corporate defense activities, leveraged buyouts, and risk solutions. In addition, this segment offers various financial instruments. The company was formerly known as The Nomura Securities Co., Ltd. and changed its name to Nomura Holdings, Inc. in October 2001. Nomura Holdings, Inc. was incorporated in 1925 and is headquartered in Tokyo, Japan.
The Praxis Precision Medicines, Inc. stock price gained 5.90% on the last trading day (Friday, 1st Mar 2024), rising from $46.78 to $49.54. During the last trading day the stock fluctuated 9.04% from a day low at $46.07 to a day high of $50.24. The price has risen in 6 of the last 10 days and is up by 19.84% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 14 thousand more shares were traded than the day before. In total, 48 thousand shares were bought and sold for approximately $2.38 million.
On Mar 26, 2024, it was reported that Jefferies gave PRAX a "Buy" grade with a "hold" action.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Praxis Precision Medicines, Inc. stock to perform well in the short-term.
The Truist Financial Corporation stock price gained 0.80% on the last trading day (Friday, 1st Mar 2024), rising from $34.98 to $35.26. During the last trading day the stock fluctuated 3.50% from a day low at $34.55 to a day high of $35.76. The price has fallen in 6 of the last 10 days and is down by -2.95% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 13 million shares were bought and sold for approximately $457.51 million.
On Apr 23, 2024, it was reported that Wells Fargo gave TFC a "Buy" grade with a "hold" action.
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Truist Financial Corporation stock to perform well in the short-term period.
About Truist Financial Corporation:
Truist Financial Corporation, a holding company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts. The company also provides funding; asset management; automobile lending; bankcard lending; consumer finance; home equity and mortgage lending; insurance, such as property and casualty, life, health, employee benefits, workers compensation and professional liability, surety coverage, title, and other insurance products; investment brokerage; mobile/online banking; and payment, lease financing, small business lending, and wealth management/private banking services. In addition, it offers association, capital market, institutional trust, insurance premium and commercial finance, international banking, leasing, merchant, commercial deposit and treasury, government finance, commercial middle market lending, small business and student lending, floor plan and commercial mortgage lending, mortgage warehouse lending, private equity investment, real estate lending, and supply chain financing services. Further, the company provides corporate and investment banking, retail and wholesale brokerage, securities underwriting, and investment advisory services. As of December 31, 2021, the company operated through 2,517 banking offices. The company was formerly known as BB&T Corporation and changed its name to Truist Financial Corporation in December 2019. Truist Financial Corporation was founded in 1872 and is headquartered in Charlotte, North Carolina.
Despite these candidates are looking good from a technical perspective they may not perform as expected. You should always be cautious when trading and base your decisions on more than one source of information. This does not constitute an offer or recommendation to buy or sell securities.
