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Albany Molecular Research (
AMRI) is a contract research and manufacturing organization providing customers drug discovery, development and manufacturing services. This stock closed up 9.4% at $11.87 on Wednesday.
Wednesday's Volume: 1.03 million
Average Volume: 468,411
Volume % Change: 134%
Shares of AMRI ripped higher on Wednesday after Sterne Agee re-initiated the stock with a buy rating and $15 price target.
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From a technical perspective, AMRI skyrocketed higher here right above its 50-day moving average at $10.64 with heavy upside volume. This move has pushed shares of AMRI into breakout territory, since the stock took out some near-term overhead resistance levels at $11.47 to $11.86. Shares of AMRI are now quickly moving within range of triggering an even bigger breakout trade. That trade will hit if AMRI manages to take out Wednesday's high at $12.14 and then once it clears its 52-week high at $12.50 with high volume.
Traders should now look for long-biased trades in AMRI as long as it's trending above either of those first-tier breakout levels at $11.86 or $11.47 and then once it sustains a move or close above $12.14 to $12.50 with volume that hits near or above 468,411 shares. If that breakout hits soon, then AMRI will set up to enter new 52-week-high territory above $12.50, which is bullish technical price action. Some possible upside targets off that breakout are $15 to $17.
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