5 Biotech Stocks Under $10 Set to Soar

WINDERMERE, Fla. ( Stockpickr) -- There isn't a day that goes by on Wall Street when certain stocks trading near or under $10 a share don't experience massive spikes higher. Traders savvy enough to follow the low-priced names and trade them with discipline and sound risk management are banking ridiculous coin on a regular basis. Just take a look at some of the hot movers in the under-$10 complex from Wednesday, including Galena Biopharma ( GALE), which skyrocketed by 16%; Swisher Hygiene ( SWSH), which soared by 11.6%; ParkerVision ( PRKR), which ripped to the upside by 11.3%; and Pluristem Therapeutics ( PSTI), which finished up 9.8%. You don't even have to catch the entire move in lower-priced stocks such as these to make outsized returns when trading.

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Gale Biopharma happens to be a biotechnology stock I recently flagged for its bullish technical setup when it was trading at just $1.58 a share. Shares of GALE ripped higher on Wednesday with the stock hitting an intraday high of $2.30 a share on monster volume of 21.8 million shares.

ParkerVision is another stock I was all over from much lower prices, flagging it for its breakout potential when it was trading at just $1.62 a share.

I'm not as eager to recommend investing long term in stocks that trade less than $10 a share because these names can be very speculative, and the odds for picking the long-term winners aren't great. But I definitely love to trade stocks that are priced below $10. I like to view them as a trading vehicle with lots of volatility and lots of upside when the trade is timed right.

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When I trade under-$10 names, I do it almost entirely based off of the charts and technical analysis. I also like to find under-$10 names with a catalyst, but that's secondary to the chart and volume patterns.

With that in mind, here's a look at several under-$10 stocks that look poised to trade higher from current levels.

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