Ziopharm Oncology ( ZIOP) is a biopharmaceutical company engaged in the development and commercialization of small molecule and synthetic biology approaches to new cancer therapies. This stock is trading up 13.5% to $1.84 in recent trading. Today's Range: $1.70-$1.86 52-Week Range: $1.49-$6.33 Volume: 2.98 million Three-Month Average Volume: 2.12 million Shares of ZIOP are soaring higher here after the company reported encouraging results from a preclinical trial of cancer therapy Ad-RTS-MiL-12. The drug is designed to enable the controlled delivery of a protein important for immune response to cancer. From a technical perspective, ZIOP is gapping sharply higher here off extremely oversold territory with heavy upside volume. This stock recently gapped down big from over $5 to around $1.75 with heavy downside volume. Following that gap, shares of ZIOP went on to hit its recent 52-week low of $1.49. That gap down pushed shares of ZIOP into extremely oversold territory, since the stock's relative strength index dipped below 30. Shares of ZIOP are now quickly moving within range of triggering a major breakout trade. That trade will hit if ZIOP manages to take out its gap down day high of $2.11 with high volume. Traders should now look for long-biased trades in ZIOP as long as it's trending above today's low of $1.70, and then once it sustains a move or close above that gap down day high of $2.11 with volume that hits near or above 2.12 million shares. If that breakout triggers soon, then ZIOP will set up to re-fill some of its previous gap down zone from late March that started just above $5.