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Biotech stocks have trailed the broader market this year, but more names are starting to show strength as the rally expands and major indexes reach record levels. Here's a look at four stocks showing notable momentum gains.
Benzinga's Edge Stock Rankings system scores equities on momentum, growth, value and quality. Momentum rankings highlight stocks showing strong short-term trends, which could be setups for potential continuation moves.
Catching early momentum shifts can help traders stay ahead of market rotations. Over the past week, Benzinga's system flagged four stocks that have seen significant increases in bullish momentum.
Rani Therapeutics (NASDAQ:RANI) leads the list with a momentum score of 82.33, surging 80.67 points from just 1.66 on Oct. 13. Rani develops oral capsules that deliver biologic drugs. The stock is trading well above its 50-day moving average of 56 cents at $2.53, according to data from Benzinga Pro. The stock is also up over 440% in the past month following a collaboration for multiple high-value therapeutics.
HC Wainwright & Co. analyst Brandon Folkes recently assumed coverage on Rani Therapeutics with a Buy rating and an $11 price target, while Maxim Group analyst Michael Okunewitch recently maintained a Buy rating and raised the price target from $5 to $10.
Second on the list is Omeros Corporation (NASDAQ:OMER), which holds a momentum score of 86.46, up 72.51 points from 13.95 last week. The stock is trading well above its 50-day moving average of $4.65 at $8.11 and is up over 85% over the past month. Omeros develops and commercializes small-molecule and protein-based therapeutics.
Artiva Biotherapeutics (NASDAQ:ARTV) is third on the list. It holds a momentum score of 71.02, gaining 58.93 points from its score of 12.09 on Oct. 13. The stock is trading well above its 50-day moving average of $2.94 and is up more than 80% over the past month. Artiva develops off-the-shelf, cell-based cancer therapies using natural killer (NK) cells engineered to target tumors.
Rounding out the list is Achieve Life Sciences (NASDAQ:ACHV), which has a momentum score of 86.2, up 52.4 points from 33.8 last week. The stock is trading above its 50-day moving average of $3.04 and is up more than 75% over the past month. Achieve Life Sciences develops and commercializes therapies aimed at helping people quit smoking and other nicotine addictions.
Price Action: At the time of publication, Rani shares are trading 20.88% higher at $2.71, Omeros shares are trading 1.45% lower at $8.13, Artiva shares are trading 2.37% lower at $4.79 and Achieve shares are trading 9.40% higher at $5.46, according to data from Benzinga Pro.
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