This is a clinical-stage biopharmaceutical company. It is engaged in discovering, developing and commercializing products focused on inflammation, bleeding and disorders of the central nervous system. This stock is trading up 7.8% at $46.97.
Today's Volume: 1,821,000
Average Volume: 1,121,300
Volume % Change: 86%
Shares of ONXX are soaring today after
Bank of America
upgraded the stock from neutral to buy and increased its price target from $47 to $57.
From a technical perspective, ONXX is skyrocketing here on above-average volume. This move is quickly pushing the stock within range of triggering a major breakout trade. That trade will hit once ONXX takes out some near-term overhead resistance at $47.41 to $47.80 with high-volume.
Traders should now look for long-biased trades, if ONXX can sustain a move or close above those levels with volume that's near or above 1,121,300 shares. If we get that action soon, then look for ONXX to easily trade north of $50. On the flipside, if ONXX fails to take those levels out, it could become a short candidate, since those levels have acted as tough resistance for a few months.
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