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3 Biotech Stocks Under $10 to Trade for Breakouts

Inovio Pharmaceuticals

Inovio Pharmaceuticals (INO - Get Report), together with its subsidiaries, discovers and develops synthetic vaccines and immune therapies focusing on cancers and infectious diseases. This stock closed up 12.6% to $3.64 in Thursday's trading session.

Thursday's Range: $3.07-$3.64
52-Week Range: $0.49-$3.95
Thursday's Volume: 17.07 million
Three-Month Average Volume: 7.84 million

From a technical perspective, INO skyrocketed higher here right off its 50-day moving average of $3.06 with strong upside volume. This spike is starting to push shares of INO within range of triggering a big breakout trade. That trade will hit if INO manages to take out Thursday's high of $3.64 to some more key overhead resistance levels at $3.89 to its 52-week high at $3.95 with high volume.

Must Read: 5 Big Trades to Brace for a Correction

Traders should now look for long-biased trades in INO as long as it's trending above its 50-day at $3.06 or above $3 and then once it sustains a move or close above those breakout levels with volume that hits near or above 7.84 million shares. If that breakout gets underway soon, then INO will set up to enter new 52-week-high territory above $3.95, which is bullish technical price action. Some possible upside targets off that breakout are $4.50 to $5.

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ADMP $8.85 -1.30%
AMRN $1.66 -7.80%
INO $9.15 -2.60%
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FB $117.55 -0.43%


Chart of I:DJI
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