BioMarin Pharmaceuticals (BMRN) develops and commercializes pharmaceuticals for serious diseases and medical conditions. This stock is trading up 3.4% at $40.97 in recent trading.
Today's Volume: 1.3 millionAverage Volume: 1.4 million Volume % Change: 50%. Shares of BMRN are soaring higher today after Piper Jaffray highlighted the stock has a potential takeover target in the biotech space following Bristol-Myers' (BMY) acquisition of Amylin (AMLN). Piper believes an acquisition of BioMarin could be valued at $79 per share. From a technical perspective, BMRN is moving higher here into new 52-week-high territory with decent volume. This move has also pushed BMRN into breakout territory, since the stock has taken out some near-term overhead resistance at $39.29. Traders should continue to look for long-biased trades as long as BMRN is trending above that breakout level of $39.29 and its daily high of $40.97 with strong upside volume flows. I would consider any upside volume day that registers near or above 1.4 million shares as bullish. If we continue to see BMRN sustain a trend above those levels, then this stock has a great chance of hitting $45 to $50 in the near future. To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
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