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Affymax(AFFY) is a biopharmaceutical company committed to developing novel drugs to improve the treatment of serious and often life-threatening conditions. This stock is trading up 7.9% at $26.42 in recent trading.
Today's Volume: 960,000
Average Volume: 831,132
Volume % Change: 89%
Shares of AFFY are ripping higher here after Baird said following their pullback and after meeting with management, the stock should be bought aggressively. The firm raised its estimates on Omonty's and increased its near-term prospects that AFFY will beat consensus revenues.
>>5 Stocks Ready to Break Out
From a technical perspective, AFFY is bouncing hard here right off some near-term support at $24.16 with above-average volume. This move is quickly pushing AFFY within range of triggering a major breakout trade. That trade will hit once AFFY manages to take out some near-term overhead resistance and its 52-week high at $27.74 with high volume.
Traders should now look for long-biased trades in AFFY as long as it's trending above $24.16, and then once it sustains a move or close above $27.74 with volume that hits near or above 831,132 shares. If that breakout trigger soon, then look for AFFY to trend north of $30 in the near future.