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Achillion Pharmaceuticals(ACHN) is a biopharmaceutical company focused on the discovery, development and commercialization of treatments for infectious diseases. The stock is trading up 23.4% at $10.80 in recent trading.
Today's Volume: 5 million
Average Volume: 1.4 million
Volume % Change: 401%
>>5 Biotech Stocks for 2012
Shares of ACHN are soaring today after
Gilead Sciences(GILD) reported disappointing trial results for its experimental hepatitis C drug. Shares of ACHN, along with
Vertex Pharmaceutical(VRTX) and
Idenix Pharmaceutical(IDIX), are ripping higher because they are rival hepatitis C drug developers to Gilead.
technical perspective, ACHN is gapping up huge today on monster volume back above its 50-day moving average of $9.34.
Traders should now watch for a sustained high-volume move and close near its daily high of $11.14 to signal that ACHN wants to trend much higher. At last check, the stock is trading at $10.80 and volume is well above its average of 1.4 million shares. If we get that strong close today, then traders should continue to look for long biased trades that take this stock back towards its next major overhead resistance levels at $12.46 to $12.95 in the near future.