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5 Biotech Stocks Under $5 Blasting Off

Biosante Pharmaceuticals

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Biosante Pharmaceuticals (BPAX) is a specialty pharmaceutical company focused on developing products for female sexual health and oncology. This stock is trading up 9.8% to $1.55 in recent trading.

Today's Range: $1.39-$1.58

52-Week Range: $1.21-$17.58

Volume: 660,000

Three-Month Average Volume: 772,327

>>5 Stocks Under $10 Set to Soar

From a technical perspective, BPAX is ripping higher here right off some near-term support at $1.35 with decent volume. This stock has been downtrending badly for the last six months, with shares falling from $4.62 to its recent low of $1.21 a share. During that move, shares of BPAX have consistently made lower highs and lower lows, which is bearish technical price action. That said, BPAX has now started to rebound off that $1.21 low, and it's setting up to trigger a near-term breakout trade.

Traders should now look for long-biased trades in BPAX if it can manage to break out above some near-term overhead resistance levels at $1.50 to $1.62 with high volume. Look for a sustained move or close above those levels with volume that's near or above 772,327 shares. If that breakout hits soon, then look for BPAX to re-test and possibly take out its next major overhead resistance levels at $1.96 to $2.25.

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