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INSM), a development-stage biopharmaceutical company, develops inhaled treatments for serious lung infections. This stock closed up 9.3% to $11.78 on Wednesday.
Wednesday's Volume: 2.63 million
Average Volume: 579,248
Volume % Change: 294%
Shares of INSM soared higher on Wednesday after the company priced 6 million shares of common stock at a price of $10.40 per share. The offering raised nearly $60 million and the company said it plans to use the cash for continued development of its Arikace, an antibiotic used to treat lung infections.
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From a technical perspective, INSM gapped higher here back above its 50-day moving average of $11.47 with strong upside volume. This move is quickly pushing shares of INSM within range of triggering a near-term breakout trade. That trade will hit if INSM manages to take out some near-term overhead resistance levels at $12.17 to $12.22 with high volume.
Traders should now look for long-biased trades in INSM as long as it's trending above Wednesday's low of $11.32 and then once it sustains a move or close above those breakout levels with volume that hits near or above 579.248 shares. If that breakout triggers soon, then INSM will set up to re-test or possibly take out its next major overhead resistance levels at $13.45 to its 52-week high at $14.30. Keep in mind that INSM is just coming out of a vicious downtrend, so that breakout needs to happen soon to increase the probability a successful breakout trade.