Chelsea Therapeutics

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Chelsea Therapeutics ( CHTP) is a development stage pharmaceutical company that focuses on acquiring, developing and commercializing products for the treatment of a variety of human diseases. This stock is trading up 63% at $3.94 in recent trading.

Today's Range: $3.60-$4.03

52-Week Range: $2.18-$6.06

Volume: 14.3 million

Three-Month Average Volume: 1.2 million

>>6 Drug Stocks Unworthy of a Biotech Bull Market

Shares of CHTP are soaring huge today after a committee of independent experts recommended the approval of its hypotension drug in the U.S. The FDA panel voted 7 to 4 in favor of the drug's approval on Thursday. This move will now be taken into consideration by the FDA, which is expected to vote on the drug by March 28.

From a technical perspective, CHTP is gapping up huge today on monster volume.

Market players should continue to look for long-biased trades in CHTP as long as the stock remains above $3.83 to $3.60. That $3.83 level is a near-term breakout level, and that $3.60 level is today's low price. If CHTP can continue to trend above those key technical levels with strong volume, then this stock has a great chance to tag $4.60 (its 200-day moving average) to $4.63 (its 50-day), or possibly even higher.

Keep in mind that CHTP traded as high as $5.74 back in early December.

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