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5 Biotech Stocks Under $5 Making Bullish Moves

BioMimetic Therapeutics

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BioMimetic Therapeutics (BMTI) is a biotechnology company. The company develops and commercializes products to promote the healing of musculoskeletal injuries and diseases, including orthopedic, sports medicine and spine applications. This stock is trading up 8.8% at $2.94 in recent trading.

Today's Range: $2.65-$3.15

52-Week Range: $1.87-$5.59

Volume: 242,000

Three-Month Average Volume: 151,214

>>5 Stocks Under $10 Set to Soar

From a technical perspective, BMTI is skyrocketing here back above its 200-day moving average of $2.66 with heavy volume. This move has now triggered a near-term breakout trade above $2.69 to $2.78, and this stock is flirting with an even bigger breakout trade. That bigger trade will hit once BMTI takes out some past overhead resistance at $3.01 to $3.20 with high-volume. At last check, shares of BMTI have hit an intraday high of $3.15, but it has since pulled back to its current price just under $3.

Traders should now look for long-biased trades if BMTI can sustain a move or close above $3.01 to $3.20 with volume that's near or above 151,214 shares. If we get that action today or soon, look for BMTI to re-test and possibly take out its next significant overhead resistance levels at $3.75 to $4.20.
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