Biotech, Tanker Stocks Hit New Highs, Top Bullish Patterns

Stocks striking new highs are still rare to find as several stocks, sectors and indexes finally approach their 50-day moving average. But rare-disease-drug maker Catalyst Pharmaceuticals (CPRX) and Teekay Tankers (TNK) are exceptions.




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Both are in buy zones after topping follow-on patterns.

Teekay is extended above a cup base and is trading well above its 22.20 buy point. But now, the stock has also topped a three-weeks-tight pattern with a 26.12 buy point.

Teekay is in the oil and gas transportation group, which ranks No. 4 in the IBD universe of 197 groups. With a high Composite Rating of 96 and a perfect Relative Strength Rating of 99, the company is well-positioned for greater highs.

The oil-shipping company has 52 tankers that are used in short- to medium-term fixed-rate and time contracts. In its second quarter, revenue of $242.4 million nearly doubled the previous year’s $123 million. Earnings of 83 cents bounced back from a loss of $3.83 a year earlier. The company noted that the Russia-Ukraine war and China’s economic contraction caused uncertainty for its outlook.

Biotech At New High

Catalyst hit new highs the past week as it also cleared a three-weeks-tight formation with a 15.17 buy point. The stock has 99 Composite and RS Ratings. Q2 earnings of 20 cents a share nearly doubled the 11 cents a year ago. Revenue of $53 million rose 57.7%.

The company recently won the right to develop and commercialize Ruzurgi, a drug to treat Lambert-Eaton myasthenic syndrome (LEMS), which is a neuromuscular condition, in the U.S. and Mexico.

The stock ranks first in the biotech group. The group is ranked a powerful fifth on IBD’s list of 197 industry groups.

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Source: https://www.investors.com/stock-lists/new-highs/biotech-tanker-stocks-hit-new-highs-top-bullish-patterns/?src=A00220&yptr=yahoo