Altair Engineering (ALTR: NASDAQ)

Altair Engineering, an artificial intelligence company specializing in software and cloud-based solutions, has reached new heights following its inclusion in the S&P MidCap 400 index. This milestone is typically associated with increased institutional buying, suggesting a stable long-term uptrend as large investors begin to accumulate shares.

Notably, several institutions with potential informational advantages have significantly increased their stakes in ALTR. Harvest Fund Management Co. Ltd. boosted its position by 1,157.7% in the fourth quarter, and Natixis Investment Managers International acquired an additional 790 shares, now holding 1,940 shares valued at $163,000. This activity underscores growing institutional confidence in Altair’s prospects.

Sell-side analysts have also expressed positive sentiments about ALTR, reinforcing this confidence. Needham & Company LLC reaffirmed a “Buy” rating with a $100.00 price target, while JP Morgan Chase & Co raised their target from $86.00 to $95.00, also giving an “Overweight” rating. These endorsements reflect strong belief in Altair’s growth potential.

In its recent financial performance, Altair reported revenue of $172.91 million for the quarter, surpassing the consensus estimate of $169.29 million. This solid performance further bolsters the case for investment in the company.

We are bullish on ALTR above $79.00-$80.00, with an upside target of $115.00-$117.00, considering the company’s strategic positioning, robust institutional interest, and positive analyst outlooks.

Nurix Therapeutics (NRIX: NASDAQ)

Nurix Therapeutics, a clinical-stage biotech company, achieved a significant milestone in leukemia treatment with its NX-5948 drug. In a trial involving patients with relapsed or refractory chronic lymphocytic leukemia (CLL), 69.2% responded positively to the oral treatment, with some showing improvement as early as eight weeks into therapy. Needham analyst Gil Blum lauded these results as a “clear win,” highlighting the drug’s potential as best-in-class given the heavily pretreated nature of the patients.

Nurix is also advancing its collaborative efforts with major pharmaceutical companies. The company and Sanofi are poised to nominate a development candidate from their joint program within the year. This agreement allows Nurix to co-develop and co-promote future products in the U.S., positioning the company for substantial breakthroughs and potentially skyrocketing stock prices.

Moreover, Gilead Sciences has extended its research collaboration with Nurix by an additional two years, underscoring Nurix’s robust research capabilities and promising R&D efforts. This extension, initially established in 2019, reinforces confidence in Nurix’s future prospects and scientific potential.

Given these promising developments, we are bullish on NRIX above $15.00-$16.00, with an upside target of $30.00-$31.00.

Polkadot (DOTUSDT)

The daily chart for Polkadot (DOT) reveals a marked increase in selling momentum, causing the price to dip below the crucial $6 support level and break out of a multi-month triangle pattern. This significant breach has led to a considerable long liquidation event, intensifying the bearish outlook.

Currently, there are no indications of recovery on the daily timeframe, suggesting a potential continuation of the downtrend. However, a slight and temporary pullback to the breached $6 threshold might occur, which would confirm the breakout and further solidify the bearish scenario.

Key levels to watch include the primary target at the substantial support region around $5 and the significant resistance at $6. Traders should exercise caution, as the market is likely to experience heightened volatility and notable fluctuations in the short term.

Aave (AAVEUSDT)

AAVE has recently broken below both the weekly and monthly pivot levels and is nearing the bottom of the monthly resistance range. This area represents a potential entry point for a long position, as it is a strong support zone based on historical price action data. Given the market’s recent tendency to disregard key levels, enhanced risk management is advised.

Traders should wait for the price to reclaim the weekly pivot before entering a trade for added confirmation. It is crucial to see the price find solid support within the entry zone before committing. Once entered, if the price moves 2-4% away from the entry, moving the stop loss to break even is recommended to guard against potential market manipulation.

For this trade, enter between $80.72 and $81.64. The take profit targets are set at $86.16 and $89.48. The stop loss should be placed at a candle close below $80.46, ensuring proper risk management is maintained throughout the trade.