4 Stocks Under $5 Soaring Higher

Zogenix

Zogenix (ZGNX) is a specialty pharmaceutical company with two product candidates in late-stage development for the treatment of central nervous system disorders and pain. This stock is trading up 13.2% to $1.80 in recent trading.

Today's Range: $1.59-$1.88

52-Week Range: $1.31-$5.11

Volume: 249,000

Three-Month Average Volume: 358,306

Shares of ZGNX are soaring today after the company submitted an investigational new drug application to the FDA for Relday, which is a combination of its DosePro needle-free, subcutaneous drug delivery system plus a proprietary, subcutaneous once-monthly formulation of risperidone for treating schizophrenia.

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From a technical perspective, ZGNX is bouncing hard here off some near-term support at $1.55 to $1.60 with decent volume. This move has pushed ZGNZ right below its 50-day moving average of $1.90.

Traders should now look for long-biased trades in ZGNX if it can manage to take out its 50-day at $1.90, and then some major overhead resistance at $2.28 with high volume. Look for a sustained move or close above $1.90 to $2.28 with volume that's near or above 358,306 shares. If we get that action soon, then ZGNZ has a great chance of re-testing its March high of $2.90.

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