Questcor Pharmaceuticals

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Questcor Pharmaceuticals ( QCOR) is a biopharmaceutical company. Questcor's primary product is H.P. Acthar Gel (repository corticotropin injection) (Acthar), an injectable drug that is approved by the U.S. Food and Drug Administration, for the treatment of 19 indications. This stock is trading up 10.4% at $55.49 in recent trading.

Today's Volume: 4.5 million

Average Volume: 1.85 million

Volume % Change: 306%

Shares of QCOR are skyrocketing today after the company reported strong second-quarter sales of its flagship multiple sclerosis drug Acthar. The company shipped 4,710 vials of Acthar for Apirl to June, which represented a 15% rise from the previous quarter.

>>22 Biopharma Stocks With Breakout Potential in 2012

From a technical perspective, QCOR is gapping up huge with monster volume. This gap-up has pushed QCOR into breakout territory, since the stock has moved above some near-term overhead resistance at $54.31. At last check, QCOR has hit an intraday high of $58.91 and the volume is well above its three-month average action of 1.85 million shares. Amazingly, this move has yet to push QCOR into extremely overbought territory since its current relative strength index reading is just 69.25.

Traders should now look for long-biased trades once QCOR breaks out above today's high of $58.91 with strong volume. Look for a sustained move or close above $58.91 with volume that's near or above 1.85 million shares. Traders can also look for long-trades as long as QCOR is trending above that key breakout point of $54.31.

Questcor shows up on a list of Hot Biotech Stocks Traded by Hedge Funds in the most recently reported quarter.

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