If you're looking for a biotech star that's starting to break out, then take a look at Jazz Pharmaceuticals ( JAZZ), a specialty pharmaceutical company focusing on the development and commercialization of pharmaceutical products to meet unmet medical needs in neurology and psychiatry. This stock is off to a blazing start in 2011, with shares up over 88%. A Piper Jaffray analyst recently started coverage on JAZZ with an overweight rating and a price target of $51 a share, which is well above its current price near $37 a share. The analyst is bullish on the future sales of Xyrem, a narcolepsy drug that costs about $30,000 a year. If you take a look at the chart for Jazz, you'll see that this stock biotech player has already started to break out above some past overhead resistance at $36.47 a share. What I love about this breakout in Jazz is that it has started on huge upside volume. Volume on Thursday, which was the first day of the breakout, clocked in at 1.3 million shares, which is well above the three-month average volume of 781,300 shares. In fact, the volume for the entire past month has been very strong when you compare the action on the up days versus the down days. What's even more bullish about this move on JAZZ is that the stock is now trading just one point off of its all-time high of $38 a share. This means that just about everyone who has bought this stock is making money. It also means that momentum traders are going to circle around this stock since it is displaying so much strength and hitting new highs almost daily. It's worth noting that the current short interest on JAZZ is rather large at around 13.4% of the tradable float. The short-sellers have also been increasing their bets from the last reporting period by 7.7%, or by about 187,000 shares. Nothing is worse for a short-seller than being short a stock like JAZZ which is now trading at all-time highs.