Isis Pharmaceuticals Finally Breaks Out
The markets appear back in rally mode over the last couple weeks.
With that, the biotech industry has performed very well. The iShares Biotechnology ETF (NASDAQ: IBB) hit a new all-time high Tuesday and is continuing higher. Many individual biotech stocks made big moves, as well.
One in particular was Isis Pharmaceuticals.
The company: Isis Pharmaceuticals, Inc.
Ticker Symbol: (NASDAQ: ISIS)
Sector: Health care
The company is engaged in the discovery and development of antisense drugs using novel drug discovery platform.
Related Link: The Biotech Stock With The Best One-Week Performance
The company’s flagship product includes the KYNAMRO injection, which is a synthesis inhibitor for patients with homozygous familial hypercholesterolemia; and for the reduction of low-density lipoprotein cholesterol.
Take a look at the one-year chart of Isis with added notations:
Like most biotech stocks, Isis hit a rough patch back in March, April and May. The stock's decline finally ended near $22.
Since that time, Isis has grinded overall higher. On three separate occasions since April, the stock has hit the $37.50 level as resistance.
Isis popped through that resistance on Tuesday, and the stock did it on a large volume spike. This should signal higher overall prices for Isis. It closed Tuesday at $40.01.
No matter a trader's strategy, it's important to use protective stops and be around for the next trade. Capital preservation is always key.
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