Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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.

If you liked this article you might like

4 Big-Volume Stocks to Trade for Breakouts

Versartis Price Gains on Drug Approval, eHealth Rises: Tech Winners & Losers

EHealth (EHTH) Weak On High Volume

eHealth (EHTH) Downgraded From Hold to Sell

5 Stocks Insiders Love Right Now: eHealth, Worthington Industries and More