An under-$10 name in the biotechnology and drugs complex that's trading within range of a major breakout trade is Isis Pharmaceuticals (ISIS), which is engaged in antisense technology, exploiting a drug discovery platform to create a pipeline of drugs. This stock is off to a decent start in 2012, with shares up over 25%.
If you take a look at the chart for ISIS Pharmaceuticals, you'll see that this stock has been trading between $7 and $9.30 a share for the past six months. During that timeframe, ISIS has tested that $9.30 area a number of times but has failed to take it out. This stock is now making another attempt at finally breaking out above $9.30 a share. In fact, on Wednesday ISIS hit an intraday high of $9.37 a share before closing at $9.23. That $9.37 level is past overhead resistance from July of 2011.
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