One biotechnology and drugs stock that insiders are snapping up here is Lexicon Pharmaceuticals ( LXRX), which is focused on the discovery and development of breakthrough treatments for human disease. Insiders are buying this stock into some big strength, since shares are up over 60% so far in 2012. Lexicon Pharmaceuticals has a market cap of $1.03 billion and an enterprise value of $821 million. This stock trades at a steep valuation, with a price-to-sales of 858.99 and a price-to-book of 4.09. Its estimated growth rate for this year is 35.3%, and for next year it's pegged at 13.6%. This is a cash-rich company, since the total cash position on its balance sheet is $231.08 million and its total debt is 24.19 million. A director and beneficial owner just bought 3 million shares, or about $6.75 million worth of stock, at $2.25 per share. From a technical perspective, LXRX is currently trending above its 200-day moving average and below its 50-day moving average, which is neutral trendwise. This stock has recently pulled back from $2.75 right to its 200-day at $2 a share. So far, LXRX has held above its 200-day moving average. If you're bullish on LXRX, then I would look for long-biased trades once it manages to break out above some near-term overhead resistance levels at $2.20 to $2.37 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 1.1 million shares. If that breakout triggers soon, then LXRX will set up to re-test or possibly take out its next major overhead resistance levels at $2.76 to $3.28 a share.