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Regeneron Pharmaceuticals(REGN - Get Report) is an integrated biopharmaceutical company, which discovers, invents, develops, manufactures and commercializes medicines for the treatment of serious medical conditions. This stock is trading up 5.7% at $161.83 in recent trading.
Today's Volume: 1.2 million
Average Volume: 731,583
Volume % Change: 219%
Shares of REGN are spiking higher today after the company reported third-quarter results that far exceeded Wall Street estimates as it won key new approvals for its eye drug Eylea and cancer drug Zaltrap.
From a technical perspective, REGN is ripping higher here right around its 50-day at $149.74 with above-average volume. This move is quickly pushing REGN within range of triggering a major breakout trade. That trade will hit once REGN manages to take out some near-term overhead resistance levels at $165 to $166.39 with high volume.
Traders should now look for long-biased traders in REGN as long as its trending above its 50-day, and then once it sustains a move or close above those breakout levels with volume that hits near or above 731,583 shares. If that breakout triggers soon, then look for REGN to trend well north of $170.
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.