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5 Biotech Stocks Under $5 Blasting Off

BioMimetic Therapeutics

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BioMimetic Therapeutics (BMTI) is a biotechnology company. BioMimetic Therapeutics is engaged in developing and commercializing products to the healing of musculoskeletal injuries and diseases, including therapies for orthopedic, sports medicine and spine applications. This stock is trading up 8.3% to $3.77 in recent trading.

Today's Range: $3.45-$3.78

52-Week Range: $1.87-$4.20

Volume: 178,000

Three-Month Average Volume: 219,025

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From a technical perspective, BMTI is soaring higher here with decent volume, and this move has pushed the stock above some near-term overhead resistance levels at $3.44 to $3.68. Traders should now look to play the next major breakout for BMTI. That trade will trigger once BMTI takes out some near-term overhead resistance at $3.78 with high volume.

Traders should look for long-biased trades if BMTI can sustain a move or close above $3.78 with volume that's near or above 219,025 shares. If that breakout triggers soon, then look for BMTI to re-test and possibly take out its next major overhead resistance level at $4.20. If that $4.20 level gets taken out with volume, then BMTI could be on its way to $5 in the near future.

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