One under-$10 stock in the biotechnology and drugs complex that's trading within range of triggering a major breakout trade is Repligen (RGEN - Get Report), which engages in the manufacture and supply of biologic products used to manufacture biologic drugs. This stock is off to a hot start in 2012, with shares up over 37% so far.
If you take a look at the chart for Repligen, you'll see that this stock gapped down huge back in late April from over $7 to under $5 a share with heavy volume. Following that gap down, shares of RGEN went on to trend lower and hit a recent low of $3.72 a share. During that slide, shares of RGEN were consistently making lower highs and lower lows, which is bearish technical price action. That said, the stock has now formed a double bottom at $3.72 to $3.78 a share, and it's starting to make higher highs. This could be signaling a bullish trend change for RGEN.
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