4 Biotech Stocks Under $5 Moving Higher

Codexis

Codexis (CDXS) is a developer of proprietary biocatalysts, which are enzymes or microbes that initiate or accelerate chemical reactions. This stock is trading up 8.1% at $2.3 in recent trading.

Today's Range: $2.19-$2.47

52-Week Range: $2.01-$6.26

Volume: 161,000

Three-Month Average Volume: 139,955

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From a technical perspective, CDXS is ripping higher here off some near-term support at $2.20 with above average volume. This move is coming after CDXS recently plunged from $4 to a low of $2.01. During that slide lower, shares of CDXS were consistently making lower highs and lower lows, which is bearish technical price action. That said, CDXS has now rebounded off its recent low and it's quickly approaching a near-term breakout trade. That trade will hit once CDXS takes out some near-term overhead resistance at $2.55 with high volume.

Traders should now look for long-biased trades in CDXS once it sustains a move or close above $2.55 with volume that's near or above 139,955 shares. If that breakout triggers soon, then CDXS will have a great chance of re-testing and possibly taking out its 50-day moving average of $3.08.

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