Taking a Break Way Up There

The stock for Cambridge, Massachusetts-based biopharma Sarepta Therapeutics Inc. has been more than commendable this spring, as many of its peers saw their stocks struggle. Even many of the bios which had held up well took the brunt of a volatile ASCO conference this year and suffered sharp drawdowns, namely BPMC NKTR, among others. 

Thus, when we observe the updated SRPT daily chart, below, the silky smooth uptrend with price forming higher highs and higher lows and is all the more impressive. Indeed, SRPT has the makings of notable relative strength and ought to be watched closely for a long entry. Moreover, the firm itself is intriguing, be it for its drugs relating to Duchenne muscular dystrophy, even Ebola, and gene therapy which we know has been a hot segment. 

That said, the $100 level is acting like a bit of a brick wall up here, with this morning's initial push over it mildly fading.

With the XBI (sector ETF for small and mid-cap bios) quietly setting up on the long side again for a fresh breakout over $98, however, it would behoove us to watch SRPT closely now on the long side for a breach of $100 and subsequent run into the firm's mid-July earnings.