Regeneron Bounces Higher Off Support

The S&P 500 may have pulled back earlier this week, but the Nasdaq Composite did not. The tech heavy index closed within just a few points of a new bull market high.

It might not be too surprising then that most biotech stocks also rallied. Some biotechs, such as Bluebird Bio (NASDAQ: BLUE), actually hit new highs.

Other biotech stocks simply got a nice bounce, and one of those would be Regeneron, which is highlighted below.

The company: Regeneron Pharmaceuticals

Ticker Symbol: (NASDAQ: REGN)

Sector: Healthcare

Industry: Biotechnology

Regeneron discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions worldwide.

Related Link: 5 Biotech Earnings Under The Microscope This Week

The company has strategic collaboration with Sanofi to discover, develop, and commercialize human monoclonal antibodies, and a license and collaboration agreement with Bayer HealthCare for the development and commercialization of EYLEA.

Review the one-year chart of Regeneron with the added notations:

Regeneron has been on a nice, slow and steady rise for most of the past year.

Over the last three months, the stock has been bouncing along a common chart formation known as a trendline support. On Friday, Regeneron tested that trendline for the fourth time.

Now that the stock has bounced, higher prices may follow.

However, if Regeneron were to roll over and break below the trendline, lower prices may follow.

The stock closed Tuesday at $463.33.

Editor's note: At time of publication, the stock was up more than 1.5 percent.

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