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Icon(ICLR) is a contract research organization, providing outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. This stock is trading up 2% at $21.87 in recent trading.
Today's Volume: 322,000
Average Volume: 201,964
Volume % Change: 174%
Shares of ICLR are moving modestly higher today after William Blair upgraded the stock to outperform from market perform.
>>22 Biopharma Stocks With Breakout Potential in 2012
From a technical perspective, ICLR is moving modestly higher here as the stock pushes back above its 50-day moving average of $21.75 with above average volume. This move is quickly pushing the stock within range of a near-term breakout trade. That trade will hit once ICLR takes out some near-term
overhead resistance at $23 with high volume.
Traders should now look for long-biased trades if ICLR can sustain a move or close above those levels with volume that's near or above 201,964 shares. If we get that action soon, then look for ICLR to re-test and possibly take out its April high of $23.81.
Icon was one of
10 Top Morningstar M&A Stock Picks for 2012.