Biotech Breakout Alert: Pacira Pharmaceuticals Could Be On The Cusp
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After an opening dip in the market, stocks have rallied strongly since Tuesday morning.
The day's 300-point Dow Jones Industrials follow-thru was on top of the 200 points the index tacked on Tuesday. The S&P 500 performed just as well.
On Wednesday, the market is rallying further and hopes are for a run to new all-time highs.
If so, are there stocks investors should be watching for potential breakouts?
Yes, check out Pacira.
The company: Pacira Pharmaceuticals Inc (NASDAQ: PCRX)
Sector: Healthcare
Industry: Drug Manufacturers
Pacira Pharmaceuticals, Inc. develops, commercializes, and manufactures pharmaceutical products primarily for use in hospitals and ambulatory surgery centers worldwide.
The company develops pharmaceutical products based on its proprietary DepoFoam drug delivery technology.
Review the 1-year chart of Pacira with the added notations:
Pacira rallied from April of last year up until its eventual peak at $110 in August.
The stock has since dropped to the mid-80’s twice while rallying back up to challenge its August high.
The key for Pacira is the obvious resistance the stock is running into at $110. A solid move above that mark would also be a new 52-week high.
Investors should watch for a possible breakout on Pacira. The stock closed on Tuesday at $107.33, just a few points below resistance.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
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