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XenoPort ( XNPT) is a biopharmaceutical company focused on developing and commercializing a portfolio of internally for the treatment of neurological disorders. This stock is trading up 9.6% at $12.23 in recent trading.

Today's Volume: 498,000

Average Volume: 446,355

Volume % Change: 106%

>>4 Biotech Stocks Under $10 Moving Higher

Shares of XNPT are skyrocketing today after Leerink said the preliminary results for its Phase I trial testing for different oral formulations of XP23829 is encouraging. The firm kept its outperform rating on the stock and raised its price target to $15 from $13.

From a technical perspective, XNPT is bouncing hard here right off some near-term support at $10.90 with above-average volume. This move has also pushed XNPT into breakout territory, since the stock has busted above some near-term overhead resistance at $11.86. At last check, XNPT has hit an intraday high of $12.52 and volume has just started to surpass its three-month average volume of 446,355 shares.

Traders should now look for long-biased trades in XNPT as long as it's trending above $11.20 to $11.86 with strong upside volume flows. I would consider any upside volume day that registers near or above 446,355 shares as bullish. If XNPT can maintain that trend, especially its trend above $11.86, then this stock has a great chance of tagging $15 in the near future.

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