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Vermillion ( VRML) is engaged in the discovery, development and commercialization of diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. This stock is trading up 10% to $2.06 in recent trading.

Today's Range: $1.84-$2.21

52-Week Range: $0.97-$7.60

Volume: 590,000

Three-Month Average Volume: 677,726

Shares of VRML are skyrocketing today after Bloomberg reported that the company has received a patent for its platelet biomarkers for cancer.

From a technical perspective, VRML is bouncing hard off its 50-day moving average of $1.87 today, and it's moving above its 200-day moving average of $1.99 on decent volume. This move is quickly pushing the stock within range of triggering a major breakout trade. That trade will hit once VRML takes out some near-term overhead resistance at $2.37 to $2.46 with high-volume.

Traders should now look for long-biased trades if VRML can sustain a move or close above those levels with volume that's near or above 677,726 shares. If that breakout triggers soon, look for VRML to make a run at its March high of $3.02 or possibly even $3.50.

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