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4 Biotech Stocks Under $10 Moving Higher

Peregrine Pharmaceuticals

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Peregrine Pharmaceuticals (PPHM - Get Report) is a clinical-stage biopharmaceutical company that develops and manufactures monoclonal antibodies for the treatment of cancer and viral infections. This stock is trading up 22.2% to 89 cents per share in recent trading.

Today's Range: $0.76-$0.94

52-Week Range: $0.39-$2.26

Volume: 2.2 million

Three-Month Average Volume: 875,371

Shares of PPHM are skyrocketing today in front of its quarterly earnings report, which is due out on July 16 after the market close.

>>Hot Biotech Stocks Traded by Hedge Funds

From a technical perspective, PPHM is soaring back above its 200-day moving average of 79 cents with heavy volume, and it's broken out above some near-term overhead resistance at 78 cents. If this momentum buying can continue, then PPHM could manage to trigger more near-term breakout moves. Those breakouts will hit once PPHM takes out $1.01 to $1.14 with high volume.

Traders should now look for long-biased trades in PPHM as long as it's trending above its 200-day at 79 cents, and near its daily highs with strong upside volume flows. I would consider any upside volume day that registers near or above 875,371 shares as bullish. If we continue to see that action, then PPHM could take out $1.01 to $1.14 prior to its earnings report. On the flipside, I would avoid this stock if it moves back below 79 cents with heavy volume.

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