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5 Stocks Under $10 Soaring Higher

Dendreon

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Dendreon (DNDN) is a biotechnology company focused on the discovery, development and commercialization of therapeutics that may improve cancer treatment options for patients. This stock is trading up 8.1% to $7.69 in recent trading.

Today's Range: $7.25-$7.88

52-Week Range: $5.69-$42.00

Volume: 12.5 million

Three-Month Average Volume: 6.4 million

Shares of DNDN are ripping higher today after Research firm Summer Street initiated coverage on the stock with a buy rating and a price target of $18, citing the potential promise for the their drug Provenge.

>>Stocks With Analyst Upgrades

From a technical perspective, DNDN is showing a continuation momentum pattern today after the stock ripped higher Wednesday with monster volume. This move today is quickly pushing the stock within range of a near-term breakout trade. That trade will hit once DNDN takes out some near-term overhead resistance at $7.88 to $8.10 with high volume.

Traders should now look for long-biased trades if DNDN can sustain a move or close above $7.88 to $8.10 with volume that's near or above 6,360,590 shares. At last check, DNDN has hit an intraday high of $7.88 and volume has already hit over 12 million shares traded. If we get that breakout soon, then look for DNDN to easily tag its 50-day moving average of $8.82, and possibly continue upwards towards $9.30.
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