What's better than momentum? Mo' momentum.
Let's take a closer look at five of this past week's biggest scorchers.
|Jan. 6||Weekly Gain||My Watchlist|
|Rare Element Resources (NYSE: REE )||$5.76||77%||Add|
|Dendreon (Nasdaq: DNDN )||$12.35||63%||Add|
|BBVA Banco Frances (NYSE: BFR )||$6.28||29%||Add|
|Zogenix (Nasdaq: ZGNX )||$2.82||27%||Add|
|Complete Genomics (Nasdaq: GNOM )||$3.71||27%||Add|
Rare Element Resources was last week's biggest gainer, bouncing back after tax-loss selling made it one of the prior week's biggest losers. Rare Element took off after posting encouraging news from its Bear Lodge project, forecasting a 38% increase in the project's mineral resources.
Dendreon was one of the market's more volatile stocks in 2011, and it's at least getting 2012 off to a strong start. Dendreon revealed stronger than expected sales of its Provenge cancer drug.
If you think stateside stocks kicked off the new year with a bang, we've got nothing on Argentina. The country's benchmark stock index soared 12.5% on the week, as bargain hunters pounded on Argentine equities. BBVA Banco Frances is one of that country's most prolific banks.
William Blair initiated coverage on Zogenix with an outperform rating last week. The firm's analyst set an initial price target of $6 on the shares. Even after last week's 27% pop, the biotech would still have to more than double from here to hit William Blair's price target.
Finally, we have Complete Genomics on the move. There was no material news on the genetics specialist during the week, but after seeing its stock shed more than 60% of its value in 2011, a healthy bounce in 2012's first week of trading isn't a surprise.
It was a great week for these five stocks. If you want to get an early read on some of tomorrow's major gainers, there's a special report on three hidden winners in a booming industry. The report is free -- like this article -- but it won't be around forever, so check it out now.