Another stock that's setting up to trigger a near-term breakout trade is biotechnology and drugs player Amarin (AMRN), a late-stage biopharmaceutical company with expertise in lipid science focused on the treatment of cardiovascular disease. This stock has been on fire so far in 2012 with shares up over 90%.
This company has a major catalyst on the horizon, since it will go in front of the FDA on July 26 for the possibly approval of AMR101. (The stock shows up on a list of 4 Drug Stocks Facing FDA Approval Decisions in July.) AMR101 is a prescription-grade omega-3 fatty acid that is designed for the treatment of patients with very high triglyceride levels. With that major event just around the corner, this stock is a great candidate for a quick breakout trade ahead of the event.
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