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4 Stocks Under $10 Ripping Higher

Idenix Pharmaceuticals

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Idenix Pharmaceuticals (IDIX) is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases with operations in the U.S. and Europe. This stock is trading up 3.9% to $9.96 in recent trading.

Today's Range: $9.58-$9.96

52-Week Range: $4.60-$15.25

Volume: 354,000

Three-Month Average Volume: 1.5 million

>>22 Biopharma Stocks With Breakout Potential in 2012

From a technical perspective, IDIX is bouncing notably here right near its 50-day moving average of $9.46 with light volume. This stock recently ran into some heavy resistance at around $11.30, but shares of IDIX are still well within an uptrend that started back in May at $7.36. During that uptrend, shares of IDIX have been making mostly higher lows and higher highs, which is bullish technical price action. The recent pullback for IDIX to its 50-day moving average could be representing a solid buying opportunity.

Traders should now look for long-biased trades as long as IDIX can hold above both its 50-day at $9.46 and its 200-day at $9.10 with strong upside volume flows. I would consider any upside volume day that registers near or above 1.5 million shares as bullish. If those levels hold, then IDIX will have a great chance of re-testing and possibly taking out $11.30.

As of the most recently reported period, IDIX was one of Seth Klarman's Baupost Group holdings.

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