Akorn

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Akorn ( AKRX) manufactures and markets a range of diagnostic and therapeutic ophthalmic pharmaceuticals, as well as niche hospital drugs and injectable pharmaceuticals. This stock is trading up 11% to $9.98 in recent trading, after it hit a 52-week high of $10.10 earlier today.

Today's Range: $8.85-$10.10

52-Week Range: $4.37-$10.10

Volume: 3.1 million

Three-Month Average Volume: 1.12 million

Akron has a market cap of $946.41 million and an enterprise value of $815.25 million. The stock trades at a trailing price-to-earnings of 20.56 and a forward price-to-earnings of 29.38. Its estimated growth rate for this year is 61.10%, and for next year it's pegged at 17.20%. The current short interest as a percentage of the float for Akron is notable at 7.7%.

This company reported record third-quarter earnings today on revenue of $36.6 million, a 69% increase from the same quarter last year. The company also raised its 2011 outlook to $130 million to $132 million.

From a technical standpoint, this stock has triggered a major breakout today on high volume now that the stock has punched through some past overhead resistance at $9.50 a share. This move today is pushing AKRX to brand new all-time highs. As long as the stock can sustain a move and close above $9.50, then it should be setting up to trend significantly higher.

I recently included Akron in a list of stocks under $10 setting up to trade higher.

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