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Akorn(AKRX - Get Report) manufactures and markets diagnostic and therapeutic ophthalmic pharmaceuticals, as well as hospital drugs and injectable pharmaceuticals. This stock is trading up 4.8% at $16.52 in recent trading.
Today's Volume: 1.45 million
Average Volume: 1.1 million
Volume % Change: 121%
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Shares of AKRX are ripping higher today after Piper Jaffray said base their base generic business keeps looking solid and its third-quarter results hold the potential for significant upside. The firm has an overweight rating on the stock with a $21 price target.
technical perspective, AKRX is ripping higher here off some near-term support at $15.60 with above average volume. This move is quickly pushing the stock within range of a major breakout trade. That trade will hit once AKRX takes out some near-term overhead
resistance at $16.70 with high-volume. At last check, AKRX has hit an intraday high of $16.87 and volume is well above its three-month average of 1.1 million shares.
Traders should now look for long-biased trades as long as AKRX is trending above $16.70 to $16.87 with strong upside volume flows. I would consider any upside volume day that registers near or above 1.1 million shares as bullish. If we continue to see that action, then look for AKRX to hit $20 in the near future.