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Cyberonics(CYBX) is a medical device company engaged in the design, development, sales and marketing of implantable medical devices that provide a unique therapy for the treatment of refractory epilepsy and treatment-resistant depression. This stock is trading up 4.3% at $48.36 in recent trading.
Today's Volume: 508,000
Average Volume: 262,389
Volume % Change: 412%
Shares of CYBX are ripping higher today after Canaccord Genuity upgraded the stock from a hold to buy rating, and raised its price target from $34 to $56.
>>Stocks With Recent Analyst Upgrades
From a technical perspective, CYBX is continuing to trend higher here after the stock gapped up huge on earnings yesterday with big volume from $45 to $49.89. This move today has so far held yesterday's low of $46.26 and volume is tracking in strong.
Traders should now look for long-biased trades as long as CYBX is trending above $46.26, and then once it breaks out above $49.89 with high volume. Look for a sustained move or close above $49.89 with volume that's near or above 262,389 shares. If that breakout triggers soon, then look for CYBX to trend well north of $50.
Keep in mind that any move above $49.89 will push CYBX into all-time high territory, which is bullish technical price action.