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BioMarin Pharmaceuticals(BMRN - Get Report) 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 million
Average 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.