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AcelRx Pharmaceuticals(ACRX - Get Report) is a U.S.-based pharmaceutical company, which develops and commercializes therapies for the treatment of pain. This stock is trading up 7.5% to $5.65 in recent trading.
Today's Range: $5.31-$5.67
52-Week Range: $2.27-$5.97
Three-Month Average Volume: 278,354
Shares of ACRX are ripping higher today after Jefferies initiated the stock with a buy rating and $8 per share price target.
From a technical perspective, ACRX is bouncing strong here right above its 50-day moving average of $5.14 with above-average volume. This move has started to push shares of ACRX into breakout territory, since the stock has moved above some near-term overhead resistance at $5.52 to $5.62. Shares of ACRX are now quickly moving within range of triggering another major breakout trade. That trade will hit if ACRX manages to take out its 52-week high at $5.97 with high volume.
Traders should now look for long-biased trades in ACRX as long as it's trending above $5.52 or $5.62, and then once it sustains a move or close above its 52-week high at $5.97 with volume that hits near or above 278,354 shares. If that breakout triggers soon, then ACRX will set up to enter new 52-week-high territory and all-time high territory, which is bullish technical price action. Some possible upside targets off that breakout are $7 to $8 in the near future.
To see more stocks that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.