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TheStreet Open House

8 Stocks Rising on Unusual Volume

Stocks in this article: CALLADESZIPMAPPSSRXINHXSPPINICE

Inhibitex

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Inhibitex (INHX) is a biopharmaceutical company focused on the development of differentiated anti-infective products to prevent or treat serious infections. This stock is trading up 8.5% at $11.33 in recent trading.

Today's Volume: 2,977,000

Average Volume: 2,627,890

Volume % Change: 115%

This stock is soaring today after Canaccord said it would be aggressive buyers of INHX due to the overreaction in shares following Pharmasset's (VRUS) PSI-938 clinical developments. Canaccord rated the stock a buy with a $22 price target.

From a technical standpoint, INHX is starting to trend back above its gap down day high of $10.45 on heavy volume today. Traders should now watch for a sustained high-volume move and close above $10.45 to signal that this stock wants to continue to fill the gap back towards $14.

Keep in mind that this stock just bounced big off its pre-market low of near $5 from that huge gap down day last week. That's an over 100% run now for INHX, so profit-taking could easily hit this stock at any moment.

Inhibitex shows up on a list of 13 Biotech Stocks Bought and Sold by Hedge Funds in the most recently reported quarter and is one of Five Drug Stocks Winners of 2011.

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