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8 Stocks Under $10 Skyrocketing Higher

Sunesis Pharmaceuticals

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Sunesis Pharmaceuticals (SNSS) is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the treatment of hematologic and solid tumor cancers. This stock is trading up 5.5% at $2.86 in recent trading.

Today's Range: $2.75-$2.88

52-Week Range: $1.01-$3.19

Volume: 213,000

Three-Month Average Volume: 372,878

Shares of SNSS are ripping higher today after he company said it received a $1.5 million milestone payment from Biogen (BIIB) for the advancement of pre-clinical work under its 2011 amended and restated multi-kinase inhibitor collaboration agreement. Under the agreement, Sunesis is also eligible to receive up to $60 million in pre-commercial milestone program payments as well as royalties on sales of future collaboration products.

>>22 Biopharma Stocks With Breakout Potential in 2012

From a technical perspective, SNSS is moving sharply higher here back above its 50-day moving average of $2.75 with light volume. This move is has pushed shares of SNSS into breakout territory, since the stock has started to move above some near-term overhead resistance at $2.79.

Traders should now look to play the next major breakout trade for SNSS. That trade will trigger once SNSS takes out some past overhead resistance at $3.11 to $3.19 with high-volume. Traders should look for long-biased trades as long as SNSS is trending above $2.79, and then once it sustains a move or close above $3.11 to $3.19 with volume that's near or above 372,878 shares.

If we get that action soon, then SNSS will enter new 52-week-high territory, which is bullish price action. Look for the stock to re-test and possibly take out its next significant overhead resistance level at $3.69 if that breakout triggers soon.

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