4 Biotech Stocks Surging on Huge Volume
Alkermes (ALKS) is an integrated biotechnology company engaged in the business of developing, manufacturing and commercializing medicines for the treatment of prevalent, chronic diseases. This stock is trading up 3.2% at $18.05 in recent trading.
Today's Volume: 1.05 million
Average Volume: 1.25 million
Volume % Change: 71%
From a technical perspective, ALKS is gapping up strong here with decent volume. This move today is coming after ALKS found some buying interest recently right near its 200-day moving average of $16.94. This spike today is also pushing ALKS within range of triggering a major breakout trade. That trade will hit once ALKS takes out some overhead resistance levels at $18.13 to $18.44 and then $18.58 to $18.84 with high volume.
Traders should now look for long-biased trades once ALKS sustains a move or close above those levels with volume that's near or above 1.25 million shares. If ALKS can manage to take out all of those levels with volume, then this stock will have a great a chance of re-testing and possibly taking out its next major overhead resistance of $19.87.