Traders should now look for long-biased trades in MGAM as long as it's trending above today's low of $15.31 with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 184,844 shares as bullish. If MGAM can maintain that trend, then this stock will have a great chance of tagging $20 or higher in the near future.

Isis Pharmaceuticals

Isis Pharmaceuticals ( ISIS) is engaged in antisense drug discovery and development, exploiting a novel drug discovery platform it created to generate a broad pipeline of first-in-class drugs. This stock closed up 9.7% at $14.69 on Wednesday's.

Wednesday's Volume: 8.86 million

Average Volume: 1.51 million

Volume % Change: 499%

Shares of ISIS soared higher after the FDA approved its newest gene-silencing drug, Kynamro. The drug treats a rare, inherited disorder that causes extremely high cholesterol levels by shutting down the gene's ability to send messages that propagate the disorder.

From a technical perspective, ISIS gapped higher right above some near-term support at $13 with monster upside volume. This move pushed shares of ISIS into breakout territory, since the stock cleared some near-term overhead resistance at $14.45.

ISIS hit an intraday high of $15.60 on Wednesday and closed above that near-term breakout level of $14.45. Shares of ISIS are now moving within range of triggering another major breakout trade. That trade will hit if ISIS manages to clear its 52-week high of $15.61 with high volume.

Traders should now look for long-biased trades in ISIS as long as it's trending above today's low of $14.27, and then once it sustains a move or close above $15.61 with volume that hits near or above 1.51 million shares. If that breakout hits soon, then ISIS will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $18 to $20 in the near future.

To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr.

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