Another under-$10 biotech player that's trading very close to triggering a major breakout is PharmAthene ( PIP), a biodefense company engaged in the development and commercialization of medical countermeasures against biological and chemical weapons. This stock is off to a modest start in 2012, with shares up just 5.5%. If you take a look at the chart for PharmAthene, you'll notice that this stock was hammered lower by the sellers from its last September high of $3.35 to a recent low of $1.07 a share. Since taping that bottom at $1.07, this stock has started to uptrend strong, making higher lows and higher highs. That strong uptrend has now pushed PIP back above its 50-day moving average of $1.26 a share, and now the stock is moving close to triggering a big breakout. Traders should now watch PIP for a sustained high-volume move or close above $1.44 and $1.49 a share to trigger a big breakout. Look for volume that registers near or well above its three-month average action of 426,010 shares. If we get that action soon, then watch for PIP to make a run at $1.60 to $2 a share, or potentially much higher. One could now be a buyer of PIP off any noticeable weakness and simply use a mental stop just below some near-term support at $1.26 (its 50-day) or $1.20 a share. If you buy off weakness, then I would add to any long positions once PIP breaks out above $1.44 to $1.49 with volume. Make note that PIP has a high short interest since over 13% of the tradable float is currently sold short by the bears. This large short interest, combined with the current uptrending chart pattern, gives PIP a great chance to squeeze significantly higher if the breakout gets triggered soon.