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 7.5% at $23.90 in recent trading. Today's Volume: 552,000 Average Volume: 499,830 Volume % Change: 107% Shares of BMRN are soaring higher today after Piper Jaffray highlighted the stock has a potential takeover target in the biotech space following Bristol-Myers' ( BMY) acquisition of Amylin ( AMLN). Piper believes an acquisition of BioMarin could be valued at $79 per share. >>22 Biopharma Stocks With Breakout Potential in 2012 From a technical perspective, THRX is gapping up sharply here with above average volume. This move has pushed THRX into breakout territory, since shares have taken out some near-term overhead resistance at $22.93. Traders should now watch for the next major breakout trade to trigger for THRX. That trade will hit once THRX takes out its April high of $24.29 with high-volume. Traders should look for long-biased trades once THRX sustains a move or close above $24.29 with volume that's near or above 499,830 shares. If we get that action soon, then THRT has a great chance of re-testing and possibly taking out its 52-week high of $25.40 in the near future. As of the most recently reported period, Theravance was one of Seth Klarman's Baupost Group holdings.