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Questcor Pharmaceuticals(QCOR), a biopharmaceutical company, provides prescription drugs for the treatment of multiple sclerosis, nephrotic syndrome, and infantile spasms indications. This stock is trading up 4.7% at $18.66 in recent trading.
Today's Volume: 5.7 million
Average Volume: 5 million
Volume % Change: 91%
Shares of QCOR are trending higher today after the company initiated a quarterly cash dividend of 20 cents per share, and it increased its common stock repurchase program to 7 million shares.
>>5 Biotech Stocks Poised for Breakouts
From a technical perspective, QCOR is bouncing strongly here with above-average volume. This bounce is coming off extremely oversold conditions, since QCOR's relative strength index is currently at 23. Oversold can always get more oversold, but this stock has been annihilated the bears during the last few weeks, with shares plunging from over $52 to its recent low of $17.25.
Traders should now look for long-biased trades in QCOR as long as it's trending above $17.25, and then once it triggers its next major breakout trade. Look for a sustained move or close above some near-term overhead resistance levels at $20.48 to $22.50 with volume that's near or above 5,034,740 shares. If that breakout triggers soon, then QCOR could easily fill its previous gap back towards $30 to $33.
Keep in mind that in order for that gap to get filled, QCOR will need to see some very large upside volume move in soon.
To see more stocks rising on unusual volume, check out the
Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.