3 Biotech Stocks Under $10 to Trade

DELAFIELD, Wis. (Stockpickr) -- At Stockpickr, we track daily portfolios of stocks that are the biggest percentage gainers and the biggest percentage losers.

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Stocks that are making large moves like these are favorites among short-term traders because they can jump into these names and try to capture some of that massive volatility. Stocks that are making big-percentage moves either up or down are usually in play because their sector is becoming attractive or they have a major fundamental catalyst such as a recent earnings release. Sometimes stocks making big moves have been hit with an analyst upgrade or an analyst downgrade.

Regardless of the reason behind it, when a stock makes a large-percentage move, it is often just the start of a new major trend -- a trend that can lead to huge profits. If you time your trade correctly, combining technical indicators with fundamental trends, discipline and sound money management, you will be well on your way to investment success.

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With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside.

CorMedix

CorMedix (CRMD), a development-stage pharmaceutical and medical device company, focuses on in-license, development and commercialization of therapeutic products for the treatment of cardiac and renal dysfunction primarily in the dialysis and non-dialysis areas. This stock closed up 2.3% to $2.62 in Tuesday's trading session.

Tuesday's Range: $2.52-$2.73
52-Week Range: $0.48-$3.20
Tuesday's Volume: 227,000
Three-Month Average Volume: 263,835

From a technical perspective, CRMD bounced notably higher here right above its 50-day moving average of $2.44 with decent upside volume. This stock has been downtrending over the last month, with shares moving lower from its high of $3.20 to its recent low of $2.51. During that downtrend, shares of CRMD have been making mostly lower highs and lower lows, which is bearish technical price action. That said, shares of CRMD are now finding buying interest near its 50-day moving average and the stock is starting to move within range of triggering a near-term breakout trade. That trade will hit if CRMD manages to take out some key near-term overhead resistance levels at $2.76 to $3 and then once it clears its 52-week high at $3.20 with high volume.

Traders should now look for long-biased trades in CRMD as long as it's trending above its 50-day at $2.44 or above more near-term support at $2.20 and then once it sustains a move or close above those breakout levels with volume that hits near or above 263,835 shares. If that breakout triggers soon, then CRMD will set up to enter new 52-week-high territory above $3.20, which is bullish technical price action. Some possible upside targets off that breakout are $4 to $4.50.

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