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Theravance ( THRX) is a biopharmaceutical company with a pipeline of internally discovered product candidates and strategic collaborations with pharmaceutical companies. This stock is trading up 17.9% at $23 in recent trading.

Today's Volume: 849,000

Average Volume: 689,326

Volume % Change: 222%

Shares of THRX are soaring today on news that partner GlaxoSmithKline (GSK) plans to increase its stake in the biotech group from 18.3% to 26.8%.

From a technical perspective, THRX is ripping higher today on above average volume. This move is quickly pushing THRX within range of triggering a big breakout trade. That trade will hit once THRX takes out some past overhead resistance levels at $24.27 to $25.40 with high-volume.

Traders should look for long-biased trades if THRX can manage to move and close above those levels on volume that's near or well above 689,326 shares. If we get that action soon, watch for THRX to re-test its next significant overhead resistance levels at $27 to $28.95 in the near future.

Theravance is one of the top holdings of Seth Klarman's Baupost Group, which has a 14.2 million-share position in the stock as of the most recently reported quarter.

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