Top Breakout Stocks for Momentum Trades

Hassan Maishera - January 6, 2020

It’s the first full trading week of the year, and stocks are off to a strong start. Some companies are already leading the pack. These top breakout stocks are setting the tone in 2020, and it could be just the beginning.

It will be hard to top last year’s outstanding returns, but there are still plenty of profits to be made in 2020. A few stocks are already hitting the headlines with some impressive performances today. These are the week’s top breakout stocks.

Top Breakout Stocks

These stocks performed excellently last week, and they could carry the momentum into this week.

FuelCell Energy Inc. (FCEL)

FuelCell Energy is one of the leading breakout stocks for the day, up by 49.4% over the past 24 hours. The Connecticut-based company has an annual revenue of over $50 million offers several services in the energy sector.

The company, which is known for designing, manufacturing, operating, and servicing Direct Fuel Cell power plants, has seen its stock lead the market charge. It also provides energy services in the natural gas and biogas sectors.

The surge in the share price could be due to FuelCell starting commercial operations in Tulare, California’s wastewater treatment facility. The 2.8-megawatt project is the combination of years of innovation on how to use SureSource power plants to generate electricity with on-site renewable fuels.

Inpixon (INPX)

Inpixon is an indoor data company known for capturing, interpreting, and giving context to indoor data. The data it generates can be translated into actionable intelligence. The shares of the Inpixon are up by 43% over the past 24 hours. It is also up by 53% at Thursday’s pre-trading market, making it one of the breakout stocks for the day.

The company recently got a contract to supply more GPS products to a customer within the U.S. federal government after its successful pilot. The products are set to be used to track the government personnel, their vehicles, and asset. This is to help the agency with ground situational awareness.

The contract could spur growth for Inpixon and could see the company’s stock perform higher over the coming days.

BioXcel Therapeutics Inc. (BTAI)

BioXcel Therapeutics Inc. is another breakout stock as the US stock market opens for the first time in 2020. The company’s share price is up by 40% over the past 24 hours and could be heading higher over the next few hours and days.

The company is a clinical-stage biopharmaceutical firm that specializes in the development of drugs. BioXcel uses novel artificial intelligence to determine the next wave of medicines across neuroscience and immuno-oncology.

A few days ago, BioXcel announced the launch of crucial phase 3 studies of BXCL501. The test is to determine if the drug can be used for acute treatment of agitation in patients with schizophrenia and bipolar disorder. The results from this research are expected to be ready by the middle of the year.

If the results come out as expected, then BioXcel’s share price could surge higher in the coming months.

Neovasc Inc. (NVCN)

Neovasc is a Canadian-based medical device company. It specializes in the development, manufacturing, and marketing products for the cardiovascular marketplace and other medical devices.

The shares of the company are one of the leading ones for the day. The stock price is currently up by 39% over the past 24 hours and could head higher in the coming hours and days. The shares of Neovasc is up since the company submitted a Premarket Approval Application to the FDA.

The application is for its Neovasc Reducer, a medical device that could treat refractory angina. The submission also includes the request for an Advisory Panel meeting. If the FDA approves Neovasc’s request, then the company’s share price could surge higher over the coming days and weeks.

MEREO BIOPHARMA/ADR (MREO)

This is a biopharmaceutical company based in the UK. MEREO specializes in providing new therapies to patients with chronically debilitating and life-limiting rare diseases. They focus on conditions with few or zero treatment options.

The shares of MEREO is up by 32% over the past 24 hours, making it one of the breakout stocks of the day. The company has been making positive development in some of its studies. One such study is the Phase 2b dose-ranging “ASTEROID” clinical study of setrusumab (BPS-804). Positive developments from such studies could be pushing the stock price higher.

Top Breakout Stocks: Closing Thoughts

The stocks kicked off 2020 on a positive note. These stocks are hot, but you need to follow the market if you want to keep up with the top breakout stocks. Sign up for Stock Dork Alerts for a steady stream of stock market news and analysis. Dork Alerts will keep you informed on everything happening in the world of Wall Street. Our reports are written in plain English, so they’re easy to understand. Sign up today and get a jump on the New Year with our 2020 Growth Stock Guide, it’s yours free when you join. Click here to join and claim your free copy now.

Hassan Maishera is a cryptocurrency expert and a Stock Dork freelance contibutor.

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