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Nearest Resistance: $4.50
Nearest Support: $4.30
Catalyst: Share Offering
One stock that's pushing higher today is
Exelixis(EXEL), a small-cap biotech stock that's up around 3%. Rather than testing new highs, though, it's bouncing after falling like a brick. Shares are down around 30% in the last week, after shares peaked after news that the FDA was granting the firm's thyroid cancer therapy a priority review. Then, the selloff accelerated after Exelixis announced a 30 million-share offering at a hefty discount.
>>3 Biotech Stocks Under Surging Higher
While today's bounce bodes well for the stock (in the short term, it's causing a Japanese change-of-trend pattern called a "harami"), it's a bit too early for all but the most nimble traders to try to pick a bottom at this point. If shares can move above resistance at $4.50, the margin of safety is big enough to justify an opportunistic buy for folks who already like this stock.
Exelixis was also featured today in "
5 Stocks Under $10 Set to Soar."