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TheStreet Open House

8 Stocks Rising on Unusual Volume

Salix Pharmaceuticals

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Salix Pharmaceuticals (SLXP) is a pharmaceutical company engaged in acquiring, developing and commercializing prescription drugs used in the treatment of a variety of gastrointestinal disorders, which are those affecting the digestive tract This stock is trading up 7.6% at $37.30 in recent trading.

Today's Volume: 1,044,000

Average Volume: 949,841

Volume % Change: 165%

This stock is spiking higher today after the company said it turned a profit in the third quarter on rising sales of its drug Xifaxan, used to treat diarrhea and certain neurological problems. Salix also agreed to buy privately held Oceana Therapeutics for $300 million in cash.

From a technical standpoint, this stock has trigged a major breakout today now that shares have started to move above some near-term overhead resistance at $35.38. The next major resistance level that traders should watch is at $38.23. A high-volume move above $38.23 should set this stock up to ret-test its July high of $41.50.

Ligand Pharmaceuticals

Ligand Pharmaceuticals (LGND) is a biotechnology company that focuses on drug discovery and early-stage development of pharmaceuticals that address critical unmet medical needs. The stock is trading up 2.9% at $12.31 in recent trading

Today's Volume: 204,000

Average Volume: 202,152

Volume % Change: 132%

From a technical standpoint, this stock is starting to move higher today in the face of massive market declines on solid volume. Shares of LGND plunged on Tuesday from close to $16 to just under $12 a share on high volume. The stock has some previous support worth noting at $11.50, and after that big drop yesterday, shares never violated its 200-day moving average of $11.68.

>>10 Most Shorted Stocks in Biotech

Traders should put LGND on their radar for an oversold rebound play since the current relative strength index is showing a reading of 36, which is oversold. Look to use the 200-day as mental stop area in case the stock isn't done going down.

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