5 Biotech Stocks Under $10 Moving Higher
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 amade large moves to the upside on Tuesday.
Venaxis (APPY) is a biomedical company focused on obtaining U.S. FDA clearance for its lead product, AppyScore, a blood-based test designed to help physicians manage patients who suffer from abdominal pain and acute appendicitis. This stock closed up 9.5% to $2.18 on Tuesday.
Tuesday's Range: $1.97-$2.29
52-Week Range: $1.18-$6.54
Three-Month Average Volume: 238,445
From a technical perspective, APPY ripped higher here right off some previous support levels around $2 with below-average volume. This move has pushed APPY right below its 50-day moving average of $2.30 and within range of triggering a near-term breakout trade. That trade will hit if APPY manages to take out its 50-day at $2.30 and its 200-day at $2.46 with high volume.
Traders should now look for long-biased trades in APPY as long as it's trending $2 and then once it sustains a move or close above those breakout levels with volume that hits near or above 238,445 shares. If that breakout triggers soon, then APPY will set up to re-test or possibly take out its next major overhead resistance levels $2.80 to $2.99.
Navidea Biopharmaceuticals (NAVB) is a biomedical company engaged in the development and commercialization of innovative surgical and diagnostic products that enhance patient care by meeting the critical decision making needs of physicians. This stock closed up 4% to $3.10 on Tuesday.
Tuesday's Range: $2.95-$3.11
52-Week Range: $2.14-$4.77
Three-Month Average Volume: 634,622
From a technical perspective, NAVB ripped higher here right off some near-term support at $2.90 with above-average volume. This move is quickly pushing shares of NAVB within range of triggering a near-term breakout trade. That trade will hit if NAVB manages to clear its 200-day moving average of $3.13 with high volume.