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Onyx Pharmaceuticals(ONXX) is a biopharmaceutical company engaged in developing therapies that target the molecular mechanisms that cause cancer.
Yesterday's Volume: 4,073,900
Average Volume: 1,278,280
Volume % Change: 211%
This stock added yesterday to its large gains from Monday of 14% as shares continue to attract buyers off optimism the company may be sold. A
Bloomberg article mentioned that two people with knowledge of the matter said that the company is exploring options including a possible sale.
technical standpoint , this stock is running into some
big overhead resistance at $45.90 to $46.07, where the sellers are overwhelming the buyers.
Despite the strong moves in this stock the last two trading sessions, I would not get interested from the long side until it can manage to take those resistance levels out with volume. This feels more like a case of sell-the-rumor than buy-the-rumor since the stock ran right into resistance.
I would only change my mind if ONXX can manage to sustain a
high-volume move and close above $46.07 in the near future.