Array Biopharma

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Array Biopharma ( ARRY) is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. This stock is trading up 9.5% to $4.00 in recent trading.

Today's Range: $3.66-$4.10

52-Week Range: $1.58-$3.80

Volume: 1.9 million

Three-Month Average Volume: 864,369

Shares of ARRY are spiking higher after the company released positive data on its lung cancer drug, selumetinib, as well as its new melanoma treatment.

>>5 Under-$10 Stocks Poised for Breakouts

From a technical perspective, ARRY has started to flirt with a major breakout trade here since the stock is trending above some near-term overhead resistance at $3.73 to $3.80 with monster volume.

Traders should continue to look for long-biased trades in ARRY as long as it continues to trend above those overhead resistance levels with strong upside volume. I would consider upside volume that's near or above 864,369 shares as bullish. The next potential target for ARRY is its 2010 high of $4.25.

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