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TheStreet Open House

7 Stocks Under $10 Soaring Higher

Stock quotes in this article: ARNA, TGX, ELX, THTI, NSU, UNIS, MUX

Theragenics

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Theragenics (TGX) is a medical device company, manufactures, markets, and sells disposable devices and radioactive seeds to the surgical products and cancer treatment markets. This stock is trading up 17.6% to $2.07 in recent trading.

Today's Range: $2.02-$2.10

52-Week Range: $1.18-$1.94

Volume: 580,000

Three-Month Average Volume: 35,697

Shares of TGX are soaring today after the company said it plans to repurchase up to $10 million worth of its shares in a modified Dutch auction tender offer. Under the terms of the tender offer, Theragenics stockholders will have the opportunity to tender some or all of their shares at a price within a range of $2 to $2.40 per share.

>>5 Stocks Under $10 Headed Higher

From a technical perspective, TGX is gapping up big here with monster volume. This move has pushed the stock into breakout territory, since shares have moved above some near-term overhead resistance at $1.94.

Traders should continue to look for long-biased trades as long as the stock is trending above $1.94, and once it triggers its next major breakout. That major breakout will hit once TGX takes out some past overhead resistance at $2.29 with high volume. Look for a sustained move or close above $2.29 with volume that's near or above 35,697 shares. If we get that action soon, then TGX could hit $3 in the near future. On the flipside, I would avoid any long grades if TGX trades back below $1.94 with high-volume.

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