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Amylin Pharmaceuticals(AMLN) is a biopharmaceutical company focusing on the diabetes and other metabolic diseases through the discovery, development and commercialization of medicines. This stock is trading up 11.5% at $25.58 in recent trading.
Today's Volume: 9.7 million
Average Volume: 5.15 million
Volume % Change: 207%
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Shares of AMLN are surging higher today after a report hit the wires that the company is reaching out to potential buyers about a possible sale.
Reuters said that AMLN is looking for buyers and has hired Credit Suisse and Goldman Sachs as financial advisers.
From a technical perspective, AMLN is gapping up sharply today on monster volume. This move is quickly pushing the stock within range of triggering a big breakout trade. That trade will hit once AMLN can manage to move or close above some near-term overhead resistance at $25.84 with high-volume.
Traders should now look for long-biased traders in AMLN as long as this stock is trending above $25.84 with strong upside volume flows. I would consider any upside volume day that registers near or above 5.15 million shares as strong. Look for AMLN to close near or above its daily high today of $25.96 as a sign that the upside momentum will continue in the short-term.
A possible target is $30 if we get a strong close, and we continue to see AMLN trending above $25.84 with strong upside volume flows.