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4 Biotech Stocks Under $10 With Relative Strength - views
Stocks that are making large moves like these are favorites among short-term traders because they can jump into these names and try to capture some of that massive volatility. Stocks that are making big-percentage moves either up or down are usually in play because their sector is becoming attractive or they have a major fundamental catalyst such as a recent earnings release. Sometimes stocks making big moves have been hit with an analyst upgrade or an analyst downgrade.
Regardless of the reason behind it, when a stock makes a large-percentage move, it is often just the start of a new major trend -- a trend that can lead to huge profits. If you time your trade correctly, combining technical indicators with fundamental trends, discipline and sound money management, you will be well on your way to investment success.
With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside today.
Cornerstone Therapeutics (CRTX) is a specialty pharmaceutical company focused on commercializing products for the hospital, respiratory and related specialty markets. This stock is trading up 4% to $6.85 in recent trading.
Today’s Range: $6.53-$6.93
52-Week Range: $4.45-$8.64
Three-Month Average Volume: 49,975
From a technical perspective, CRTX is ripping big to the upside here with monster volume, and the stock has entered breakout territory since shares have moved above near-term overhead resistance at $6.54. This move is now pushing CRTX within range of triggering another breakout trade. That trade will hit once CRTX takes out some overhead resistance levels at $6.96 to $7 with high volume.
Traders should now look for long-biased trades as long as CRTX is trending above $6.54, and once it clears $6.96 to $7 with heavy volume. Look for volume on that move that registers near or above 49,975 shares. At last check, CRTX has hit an intraday high of $6.93 and volume is well above its three-month average action of 49,975 shares. If that breakout triggers soon, then CRTX will have a chance of hitting $7.50 to $8.50 rather quickly.
Immunomedics (IMMU) is a biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. This stock is trading up 4.4% at $3.51 in recent trading.
Today’s Range: $3.42-$3.65
52-Week Range: $2.85-$4.27
Three-Month Average Volume: 278,730
Shares of IMMU are soaring today after the company said that their scientists have published an article in the current issue of the journal, PLoS One, describing their collaboration in the design and testing of a new class of drugs that significantly destroyed the AIDS virus, HIV, and may potentially eradicate the virus completely.
From a technical perspective, IMMU is soaring here back above its 200-day at $3.45 and its 50-day moving averageat $3.47 with heavy volume. This stock has also briefly flirted with a near-term breakout today, since shares have challenged some overhead resistance at $3.60. At last check, IMMU has hit an intraday high of $3.65 and volume is well above its three-month average action of 278,730 shares.
Traders should now look for long-biased trades as long as IMMU is trending above $3.60 to $3.76 with strong upside volume flows. I would consider any upside volume day that registers near or above 278,730 shares as bullish. If we get that action for IMMU, then I expect this stock to re-test and possibly take out $4 to $4.45 in the near future.
Dendreon (DNDN) is a biotechnology company focused on the discovery, development and commercialization of therapeutics that may improve cancer treatment options for patients. This stock is trading up 5.9% at $6.58 in recent trading.
Today’s Range: $6.19-$7.20
52-Week Range: $5.69-$38.55
Volume: 8.8 million
Three-Month Average Volume: 6.3 million
From a technical perspective, DNDN is bouncing big here off some near-term support at around $6.09 with heavy volume. Over the past two months, shares of DNDN have found strong buying interest whenever this stock has pulled back towards $6. This move today has briefly pushed DNDN above its 50-day at $7.05, and above some near-term overhead resistance at $6.87. At last check, shares of DNDN have hit an intraday high of $7.20 and volume is well above its three-month average action of 6.3 million shares.
Traders should now look for long-biased trades if DNDN can manage to hold a high-volume trend above its 50-day at $7.05. Look for a move or close above its 50-day with volume that’s near or above 6.3 million shares. If we get that action soon, then DNDN will have a great chance of re-testing and possibly taking out its next major overhead resistance level at $7.94. Any high-volume move then through $7.94 will put its 200-day moving average at $9.59 into focus.
Protalix Bio Therapeutics
Protalix Bio Therapeutics (PLX) is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins based on its ProCellEx protein expression system, ProCellEx. This stock is trading up 1.9% to $5.76 in recent trading.
Today’s Range: $5.60-$5.81
52-Week Range: $4.06-$7.70
Three-Month Average Volume: 824,029
From a technical perspective, PLX is bouncing off some near-term support at around $5.56 with low volume. For the past few weeks, shares of PLX have found some decent buying interest whenever this stock has pulled back under $5.60.
Traders should now look for long-biased trades once PLX clears both its 200-day at $5.96 and its 50-day at $6.12 with high volume. Look for a sustained move or close above those levels with volume that’s near or above 824,029 shares. A move above those levels will also push PLX above some near-term breakout levels at $5.87 to $5.96, which is bullish technical price action. If we get that action soon, then PLX has a great chance of re-filing a previous gap-down from June and trading up to $6.80 to $6.95, or possibly even $7.70.
Keep in mind that those targets will only have a chance of getting hit if PLX can sustains a high-volume trend over both its 200-day and 50-day moving averages.
To see more stocks under-$10 that are making notable moves higher today, check out the Stocks Under-$10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.
At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.