Weekly Breakout Candidate
This week one single stock stands out during our market scan and it is Kalvista Pharmaceuticals Inc. (NASDAQ | KALV) with a combination of massive volume increase combined with a breakout above the historical price record at $10.65. The previous week was a failed attempt to break out but the last weekly close is a confirmation move which should portends significant upside potential.
The company describes its activities as a pharmaceutical company focused on the discovery, development and commercialization of small molecule protease inhibitors as new treatments for diseases with significant unmet need.
Recently a partnership with MERK (Merck & Co Inc. | NYSE) was announced, which certainly is a positive fundamental development supportive of higher stock prices.
- We will enter KALV in the portfolio with a limit buy order with a limit price of $11.5 placed before the weekly market open (this means we will buy at any price not higher than $11.5).
- No stop loss order will be placed until at least the next weekly close.
- No target can be defined for this trade.