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TheStreet Open House

8 Stocks Ripping Higher on Big Volume

Stocks in this article: EHTH THRX AMRN IOSP HCII ALGN SXCI BMRN

BioMarin Pharmaceuticals

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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.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.
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