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5 Stocks Under $10 Soaring Higher


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XenoPort (XNPT - Get Report) is a biopharmaceutical company focused on developing and commercializing a portfolio of internally for the treatment of neurological disorders. This stock is trading up 10.2% to $5.70 in recent trading.

Today's Range: $5.28-$5.63

52-Week Range: $3.46-$7.90

Volume: 502,000

Three-Month Average Volume: 416,331

Shares of XNPT are ripping higher today after Wells Fargo initiated the stock with an outperform rating and a price target of $7 to $9. Analyst Brian Abrahams said, "While the opportunity for marketed agent Horizant and phase III candidate arbaclofen placarbil may be more modest, we believe their combined future revenue streams put a floor in valuation near where the shares currently trade."

>>22 Biopharma Stocks Poised for Breakouts in 2012

From a technical perspective, XNPT is skyrocketing today right near its 50-day moving average of $5.07 with above-average volume. This move is quickly pushing the stock within range of a major breakout trade. That trade will hit once XNPT takes out some overhead resistance at $6.35 to $6.43 with high volume.

Traders should continue to look for a long-biased trade as long as XNPT is trending above its 50-day, and once it takes out $6.35 to $6.43 with volume that's near or above 416,331 shares. If we get that action soon, then XNPT could easily explode higher towards $7 to $8 in the near-term.

On the flipside, I would avoid this stock if it were to move below some major near-term support at $5 with heavy volume.

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