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3 Biotech Stocks Breaking Out on Big Volume

Stocks in this article: BLUEIMGNRARE

ImmunoGen (IMGN), a biotechnology company, develops targeted anticancer therapeutics. This stock closed up 8.8% to $11.74 in Friday's trading session.

Friday's Volume: 3.82 million
Three-Month Average Volume: 924,583
Volume % Change: 354%

From a technical perspective, IMGN surged sharply higher here right above its 52-week low of $10.65 with monster upside volume. This sharp spike to the upside on Friday is quickly pushing shares of IMGN within range of triggering a near-term breakout trade. That trade will hit if IMGN manages to take out its 50-day moving average of $10.82 to some more near-term overhead resistance levels at $12 to $12.17 with high volume.

Traders should now look for long-biased trades in IMGN as long as it's trending above its 52-week low of $10.65 and then once it sustains a move or close above those breakout levels with volume that hits near or above 924,583 shares. If that breakout triggers soon, the IMGN will set up to re-fill more of its previous gap-down-day zone from June that started at $13.78. If that gap gets filled with volume, then IMGN could easily tag its next major overhead resistance levels at its 200-day moving average of $14.33 to $14.80.

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