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Cadence Pharmaceuticals(CADX) is a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing products principally for use in the hospital setting. This stock is trading up 6.5% at $4.25 in recent trading.
Today's Range: $4.13-$4.45
52-Week Range: $2.56-$7.78
Three-Month Average Volume: 375,028
From a technical perspective, CADX is gapping up strong here with decent volume. This move has briefly pushed CADX into breakout territory, since the stock has tested some near-term overhead resistance levels at $4.25 to $4.42. At last check, CADX has hit an intraday high of $4.46 on volume of around 350,000 shares, but it has subsequently pulled back to around $4.20.
Traders should now look for long-biased trades in CADX as long as it's trending above its 50-day at $3.86, and then once it clears those resistance levels with high volume. Look for a sustained move or close above those levels with volume that's near or above 375,028 shares. If we get that breakout soon, then look for CADX to re-test and possibly take out its next major overhead resistance levels $4.87 to $5.11.