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4 Stocks Under $10 Soaring in a Weak Tape

Synta Pharmaceuticals

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Synta Pharmaceuticals (SNTA) is a biopharmaceutical company. Synta Pharmaceuticals is focused on discovering, developing, and commercializing small molecule drugs to severe the medical conditions of the patients with cancer and inflammatory diseases. This stock is trading up 4.5% at $5.03 in recent trading.

Today's Range: $4.58-$5.08

52-Week Range: $3.02-$5.74

Volume: 688,000

Three-Month Average Volume: 304,528

>>22 Biopharma Stocks With Breakout Potential

Shares of SNTA are ripping higher today after Jefferies said it's keeping its buy rating on the stock with a $7 price target. Jefferies said it believes the Phase 2b lung cancer trial data could lead to a rise in the price of SNTA and said it would be a buyer of the stock before the June data release.

From a technical perspective, SNTA is continuing its upside momentum here, after the stock ripped sharply higher on Thursday on above average volume. On Thursday, SNTA started to flirt with a major breakout after it hit an intraday high of $5.10, which pushed it above some past overhead resistance at $4.94.

Traders should now look for the next big breakout trade in SNTA, which will trigger once it takes out $5.10 to $5.25 with high-volume. Look for volume on a sustained move or close above those levels that hits near or above 304,528 shares. If we get that action today or soon, look for SNTA to challenge its February high of $5.74 and potentially take that level out to the upside. Keep in mind that $5.74 is the 52-week high for SNTA, so a close above that level would be very bullish.
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