A potential earnings short-squeeze play in the biotechnology and drugs complex is Regeneron Pharmaceuticals ( REGN), which is set to release its numbers on Wednesday before the market open. This is an integrated biopharmaceutical firm, which discovers, invents, develops, manufactures and commercializes medicines for the treatment of serious medical conditions. Wall Street analysts, on average, expect Regeneron Pharmaceuticals to report revenue of $255.98 million on earnings of 25 cents per share. If you're looking for a strong uptrending heavily-shorted biotech player ahead of its earnings report, then make sure to check out shares of Regeneron Pharmaceuticals. This stock has been on fire so far in 2012, with shares up over 121% so far. The current short interest as a percentage of the float for Regeneron Pharmaceuticals is notable at 6.3%. That means that out of the 88.13 million shares in the tradable float, 4.63 million shares are sold short by the bears. >>5 Biotech Stocks Under $10 Set to Soar From a technical perspective, REGN is currently trading above both its 50-day and 200-day moving averages, which is bullish. This stock recently found some big buying interest at around $107.31 to $111.50 a share. Since those buyers stepped in during the last month, shares of REGN have started to trend higher toward its current price of $122.50 a share and it's also moved within range of triggering a near-term breakout trade. If you're in the bull camp on REGN, then I would wait until after its report and look for long-biased trades if this stock manages to take out some near-term overhead resistance at $124.85 a share (or its daily high from Tuesday if it's higher) with heavy volume. Look for volume on that move that registers near or above its three-month average action of 963,006 shares. If we get that move, then REGN will have a great chance of re-testing and possibly taking out its next major overhead resistance levels at $135 to $137.82 a share post-earnings. I would simply avoid REGN or look for short-biased trades if after earnings this stock fails to trigger that breakout, and then moves back below Monday's low of $118.01 a share with heavy volume. If we get that move, then REGN will be trending back below its 50-day moving average of $122.51 a share, and this stock will likely head back towards those near-term support levels at $111.50 to $107.31 a share. If REGN takes out $107.31 a share with volume post-earnings, then this stock could easily fall all the way back towards its 200-day moving average of $95.68 a share if the bears slam this stock post-earnings. Regeneron shows up on a recent list of 10 Stocks of Top-Performing Mutual Funds in 2012.