(SGEN - Get Report)
This is a biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for cancer. This stock is up 4% at $23.35 in recent trading.
Today's Volume: 2,705,000
Average Volume: 1,207,540
Volume % Change: 181%
Shares of SGEN are ripping higher today after Needham & Company reiterated its buy rating on the stock and raised its price target from $20 to $25.
From a technical perspective, SGEN is ripping to the upside here on monster volume. This move marks a continuation pattern for the stock after it broke out above $21.99 to $22.40 a few days ago with strong volume. As long as SGEN can maintain its trend above $21.99 to $22.40 with strong upside volume flows, this stock could possibly hit $25 to $27 soon.
Traders should consider any upside volume day that registers near or above 1,207,540 shares as bullish. Look for long-biased trades as long as it holds those breakout levels with volume.
On the flipside, I would avoid SGEN, or look for short-biased trades, if it moves back below $22 to $21 with heavy volume. If we get that action, look for SGEN to simply retest its 50-day at $19.84, or its 200-day at $18.69.
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