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7 Stocks Under $10 Soaring Higher

Arena Pharmaceuticals

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Arena Pharmaceuticals (ARNA - Get Report) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, in four therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. This stock is trading up 8.7% to $7.69 in recent trading.

Today's Range: $7.20-$7.75

52-Week Range: $1.23-$7.23

Volume: 26.1 million

Three-Month Average Volume: 15.4 million

From a technical perspective, ARNA is ripping higher here on monster volume. This move is a continuation pattern from yesterday when the stock broke out above some past overhead resistance at $7.01 with high volume.

Traders should continue to look for long-biased trades as long as ARNA is trending above $7.01, and once it triggers its next big breakout. The next major breakout will trigger for ARNA once it takes out $8 with high-volume. Look for a sustained move or close over $8 with volume that's near or above 15.4 million shares. If we get that action soon, then ARNA could easily continue its uptrend towards $10 in the near future.

Arena shows up on a list of Hot Biotech Stocks Traded by Hedge Funds.

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