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TheStreet Open House

7 Under-$10 Stocks Rising on Explosive Volume

Today's Range: $2.93-$3.00

52-Week Range: $1.28-$5.19

Volume: 398,000

Three-Month Average Volume: 1.28 million

This stock is trending higher ahead of a data release for the results from a 4 key Phase II trials for its primary drug candidate, Zerenex. That data is expected to be released in the next several weeks.

From a technical perspective, KERX is bouncing higher here right off some near-term support at $2.80 with light volume. This action is quickly pushing KERX within range of triggering a major breakout trade. That trade will hit once KERX manages to clear $3 to $3.08 with high volume. If those levels get taken out, then KERX will have nothing but a gap down zone above it for resistance, since the stock gapped down in April from $5 to below $1.75.

Traders should now look for long-biased trades in KERX as long as it's trending above its 50-day at $2.68, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.28 million shares. If that breakout triggers soon, then KERX will set up to re-fill some of that massive gap from April. Some possible upside targets are $4 to $5 in the near future.

Progenics Pharmaceuticals (PGNX)

This is a biopharmaceutical company, which develops and commercializes innovative therapeutic products to treat the unmet medical needs of patients with debilitating conditions and life-threatening diseases. This stock is trading up 6.6% to $2.25 in recent trading.

Today's Range: $2.03-$2.52

52-Week Range: $1.41-$11.34

Volume: 2.47 million

Three-Month Average Volume: 263,297

Shares of PGNX are spiking notably higher today after the company priced its underwritten public offering of 11 million shares of common stock at $2 per share.

From a technical perspective, PGNX is bouncing higher here right off some near-term support at $2 with heavy upside volume. This move is quickly pushing PGNX within range of triggering a near-term breakout trade. That trade will hit once PGNX manages to take out some near-term overhead resistance at $2.52 to its 50-day at $2.68 with high volume.

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