A key insider has bought a huge amount of stock in drug development collaboration company Furiex Pharmaceuticals ( FURX), whose product pipeline includes two marketed products and three programs in development, including late-stage compounds, in multiple therapeutic areas. Insiders are paying up to own shares here, with the stock up over 12% so far in 2011. Furiex has a market cap of $159.97 million and an enterprise value of $101.92 million. The company's estimated growth rate for next year is pegged at 58.7%. This is a cash-rich company, with a total cash position on its balance sheet of $55.69 million and total debt of zero. A beneficial owner and director just bought 264,070 shares, or $4.2 million worth of stock, at $15.32 to $16 per share. >>11 Biotech Stocks Loved or Hated by Hedge Funds From a technical standpoint, this stock is currently trading above its 50-day and 200-day moving averages, which is bullish. The stock is now approaching a major breakout if it can manage to sustain a move and close above overhead resistance at $16.87 and above Wednesday's high of $17.25 a share. If you're bullish on this stock, I would look to get long once it breaks out and closes above $16.87 to $17.25 on heavy volume. Look for volume that's tracking in close to or above its three-month average action of 60,165 shares. If we see a high-volume move over those levels, then look for this stock to re-test its August high of $19.26.