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Seattle Genetics(SGEN - Get Report) is a biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for cancer. This stock is trading up 2.5% at $20.82 in recent trading.
Today's Volume: 1.8 million
Average Volume: 1.1 million
Volume % Change: 198%
From a technical perspective, SGEN exploded higher in earlier trading and even triggered a breakout move above some near-term overhead resistance at $21.04 with monster volume. At last check, SGEN has pulled back off its intraday high of $21.99 to its current price around $20.80.
Traders should now only look for long-biased trades if SGEN is trending above $21.04 and today's high of $21.99 with strong upside volume flows. I would consider any volume that's near or above 1.1 million shares as bullish. If we get that action, look for SGEN to re-test its 2011 high of $22.40 in the near future.
I also featured Seattle Genetics recently in "
5 Stocks Set to Soar on Bullish Earnings."